Intraday Forex Analysis – 1 Hour Charts – March 30, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD moved above the horizontal channel resistance and has since been bullish. Price is now back at the channel resistance area. The moving averages are bullish and are widening, suggesting that the AUDUSD could move higher. Buying opportunities may exist around the previous channel resistance at 0.7650 and around the dynamic support of the moving averages.
The Bank of Australia recently decided to hold rates at 1.50%.The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. There are concerns over how a Trump led US could negatively impact the Australian economy. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
EURGBP – 1 Hour Chart
Price found support and reversed bullish around the diagonal support area identified in yesterday’s chart analysis. Price action has formed a bullish channel within a larger horizontal channel at 0.8610-0.8725. The moving averages are bullish but are moving sideways, signalling some market indecision. Trading opportunities could exist around the identified support and resistance areas and if the EURGBP moves out of either of the channels (break-out trade).
The British Prime Minister has announced that Article 50 will be triggered on the 29 March (today). Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and has announced what deal the UK government would like when they leave the EU. The ECB have announced that the economic future of the Eurozone is looking more stable. Macron emerged as the most convincing during the recent French political debate. Overall, things are looking more positive for the Eurozone. This could continue to provide added strength. There is no major scheduled news today that will directly impact this pair.
EURUSD – 1 Hour Chart
The EURUSD has been bearish. Price has moved below some key swing lows and areas of support, suggesting that the EURUSD could possibly start down-trending. The moving averages confirm this – they have crossed bearish and are widening. Price is currently within a tight horizontal channel at 1.0745-1.0770. Trading opportunities could exist around the channel support and resistance areas and if the EURUSD moves out of the channel (break-out trade). Selling opportunities may exist around the previous trend support area (as resistance) and around the bearish moving averages.
The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. The ECB have announced that the economic future of the Eurozone is looking more stable. Macron emerged as the most convincing during the recent French political debate. This has given strength to the Euro. Overall, things are looking more positive for the Eurozone. This could continue to provide added strength. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price was rejected at the previous horizontal support at 1.2470 and has since been bearish. The moving averages have crossed bearish and are widening, signalling that the bearish run may continue. The GBPUSD is currently within a tight horizontal channel at 1.2400-1.2460. Trading opportunities could exist around the channel support and resistance areas and if price moves out of the channel (break-out trade). Selling opportunities may exist around the moving averages. Price could stall or reverse bullish around the horizontal level 1.2335.
The British Prime Minister has announced that Article 50 will be triggered on the 29 March (today). Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like when leave the EU. This has given strength to the GBP. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar may continue to strengthen long-term, as further rate hikes are expected. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
NZDUSD – 1 Hour Chart
The NZDUSD continues to consolidate within a symmetrical triangle pattern and also within a horizontal channel at 0.6995-0.7070. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the support and resistance areas of either pattern and if price moves out of either of the patterns (break-out trade).
New Zealand’s economy continues to seem steady. The Reserve Bank of New Zealand recently kept rates at 1.75%. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD has found support around the range support area and continues to range between 1.3320-1.3410. The moving averages are tight and moving sideways – confirming the current indecision. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).
Recent Canadian economic figures have been mixed. The most recent Rate announcement and BOC press conference did not provide any suggestion that there will be a rate hike any time soon. The recent depreciation of OIL has caused weakness to the Canadian Dollar. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
USDCHF – 1 Hour Chart
Price has moved above the recent trend support area and has been bullish (as suggested in yesterday’s chart analysis). The USDCHF is forming a higher swing high and a possible inverted head and shoulder pattern. The moving averages have also crossed bullish and are widening, all suggesting that price may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages, around the previous trend resistance area (as support) and around any of the key Fib levels.
The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. The Swiss National Bank have kept rates at -0.75%. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
USDJPY – 1 Hour Chart
The USDJPY continues to range within a horizontal channel at 110.15-111.50. Trading opportunities may exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade).
The Bank of Japan have kept interest rates at a low of -0.10%. The Yen may see added strength if political uncertainty in the US returns. The US Federal Reserve recently raised interest rates to 1.00%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. A US Final GDP figure and Unemployment Claims data will be released at 1330 UTC today.
XAUUSD – 1 Hour Chart
Price action has formed a tight horizontal channel (1247.80-1253.35) within a larger horizontal channel (1242.20-1258.50). GOLD continues to range within these channels. The moving averages are tight and moving sideways – confirming the market indecision. Trading opportunities could exist around both channel support and resistance areas and if price moves out of either of the channels (break-out trade).
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