Intraday Forex Analysis – 1 Hour Charts – April 05, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed bullish around the bearish channel support area and continues to move within the bearish channel. The moving averages are bearish and are widening, signalling that the AUDUSD could continue to downtrend. Selling opportunities may exist around the dynamic resistance of the moving averages, around the previous horizontal support at 0.7590 and around the bearish channel resistance area.
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. 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 Non-Farm Employment Change figure is set to be released at 1315 UTC today. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
EURGBP – 1 Hour Chart
The EURGBP continues to retrace but also continues to find resistance around the 38.2% Fib level. The bearish moving averages are tightening and could cross bullish today, suggesting that price may retrace further. Shorting opportunities could exist around any of the key Fib levels and around the previous swing low at 0.8610.
Article 50 has been triggered – the UK has started negotiations on leaving the European Union. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. The ECB have announced that the economic future of the Eurozone is looking more stable. There are some concerns though that the UK leaving the EU may weaken the European economy and weaken the Euro. UK Services PMI data will be announced at 0930 UTC today.
EURUSD – 1 Hour Chart
Price continues to move within a horizontal channel at 1.0640-1.0680. Trading opportunities could exist around the horizontal channel support and resistance areas and if the EURUSD moves out of the channel (break-out trade). The moving averages are bearish and are steady, signalling that price may break to the downside.
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. There are some concerns though that the UK leaving the EU may weaken the European economy and weaken the Euro. A US Non-Farm Employment Change figure is set to be released at 1315 UTC today. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
GBPUSD – 1 Hour Chart
The GBPUSD continues to be indecisive and range between the horizontal psychological levels at 1.2400 and 1.2550. The moving averages confirm the market indecision – they are crossing frequently and are moving sideways. Trading opportunities could exist around the range support and resistance areas and if the GBPUSD moves out of the range. Opportunities to go short may exist around the previous bullish channel support area (as resistance).
Article 50 has been triggered – the UK has started negotiations on leaving the European Union. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. 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. UK Services PMI data is set to be released at 0930 UTC today. A US Non-Farm Employment Change figure is set to be released at 1315 UTC. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the NZDUSD moved below the horizontal support at 0.6980 and has since moved lower. Price continues to be choppy but overall bearish. The moving averages are bearish and steady, signalling that the NZDUSD may continue it’s downwards direction. Shorting opportunities could exist around the previous horizontal support at 0.6980, around the dynamic resistance of the moving averages and around the trend resistance area.
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 Non-Farm Employment Change figure is set to be released at 1315 UTC today. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
USDCAD – 1 Hour Chart
Price has reversed the recent bullish move and continues to look indecisive. The moving averages are bullish and widening though, suggesting that the USDCAD could start up-trending. Buying opportunities could exist around any of the key Fib levels and around the bullish moving averages.
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 Non-Farm Employment Change figure is set to be released at 1315 UTC today. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price continues to find support around the shorter-term moving average and the horizontal support at 1.0010. Price action has formed a horizontal channel at 1.0010-1.0030 and the USDCHF is moving within the channel. Trading opportunities could exist around the channel support and resistance areas and if price moves out of the channel (break-out trade). The moving averages are bullish and steady, signalling that the USDCHF may break to the upside.
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 Non-Farm Employment Change figure is set to be released at 1315 UTC today. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY reversed bullish around the range support area. Price continues to range between the horizontal levels at 110.15-112.10. The moving averages confirm the current market indecision – they are crossing frequently and providing no clear direction. Trading opportunities could exist around the range support and resistance areas and if the USDJPY moves out of the range (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 Non-Farm Employment Change figure is set to be released at 1315 UTC today. This is followed by US Non-Manufacturing PMI at 1500 UTC, US Crude Oil Inventories at 1500 UTC and the release of FOMC Meeting Minutes at 1900 UTC.
XAUUSD – 1 Hour Chart
GOLD continues to range between the horizontal levels at 1240.50 and 1260.00. The moving averages confirm the current indecision – they are tight and have been crossing frequently. Trading opportunities could exist around the range support and resistance areas and if price moves out of the channel (break-out trade). Buying opportunities may exist around the moving averages.
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