Intraday Forex Analysis – 1 Hour Charts – April 27, 2017
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved below the symmetrical triangle support area and has since been very bearish. The AUDUSD is now retracing some of the recent bearish move. The moving averages are bearish and are widening, signalling that price may start down-trending. Shorting opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the previous horizontal support at 0.7510 and around the previous symmetrical triangle support and resistance areas.
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 may continue to strengthen long-term, as further rate hikes are expected.
There is a Reserve Bank of Australia Speech at 1010 UTC today. This is followed by US Core Durable Goods Orders and Unemployment Claim figures at 1330 UTC.
EURGBP – 1 Hour Chart
Price has moved below the bullish channel support area and also below both moving averages. The moving averages are tightening and becoming more bearish, all suggesting that the EURGBP may attempt a move lower or become indecisive. Price may start ranging between the horizontal levels at 0.8455-0.8525. Trading opportunities could exist around the horizontal levels and if the EURGBP moves out of the range area (break-out trade).
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 British Prime Minister has announced an unexpected general election to be held on 8th June. The purpose of this election is to form a majority government in order to strengthen government unity. 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 French Election is running for 2 weeks, the final result will be announced on 7th May 2017. This election may cause a lot of volatility on Euro pairs due to market uncertainty. The Euro has strengthened as recent polls have suggested that Macron – who is neither strongly left or right – will win the election.
The European Central Bank will announce rates at 1245 UTC today. This is followed by a Press Conference at 1330 UTC.
EURUSD – 1 Hour Chart
The EURUSD has formed a bullish channel. The moving averages are bullish but are starting to tighten, suggesting that price may struggle to form a swing higher. The trend is still up though. Buying opportunities may exist around the bullish channel support area and around the dynamic support of the moving averages. Price may range within the horizontal channel at 1.0835-1.0950. 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 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 French Election is running for 2 weeks, the final result will be announced on 7th May 2017. This election may cause a lot of volatility on Euro pairs due to market uncertainty. The Euro has strengthened as recent polls have suggested that Macron – who is neither strongly left or right – will win the election.
The European Central Bank will announce rates at 1245 UTC today. This is followed by a ECB Press Conference and US Durable Goods Orders and Unemployment Claims figures at 1330 UTC.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD has moved above the range resistance area and is attempting a bullish move. The moving averages are bullish and are widening, signalling that the uptrend may now continue. Opportunities to go long could exist around the previous range resistance at 1.2850, around the newly formed trend support area and around the bullish moving averages.
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 British Prime Minister has announced an unexpected general election to be held on 8th June. The purpose of this election is to form a majority government in order to strengthen government unity. 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.
US Core Durable Goods Orders and Unemployment Claim figures will be released at 1330 UTC today.
NZDUSD – 1 Hour Chart
Price is retracing some of the recent bearish move. The moving averages are bearish and are widening, signalling that the NZDUSD could attempt another bearish swing. Shorting opportunities may exist around any of the key Fib levels and around the dynamic resistance of the moving averages. A bearish move may stall or reverse around the previous swing low at 0.6875.
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.
US Core Durable Goods Orders and Unemployment Claim figures will be released at 1330 UTC today.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average and continues to move within the bullish channel. As also suggested, the USDCAD reversed around the bullish channel resistance area. The moving averages are starting to move sideways and the recent retracement was very strong, suggesting that price may move below the bullish channel support area. Buying opportunities could exist around the bullish channel support area and around the longer-term moving average. Selling opportunities could exist if the USDCAD moves below the bullish channel support area.
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 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.
US Core Durable Goods Orders and Unemployment Claim figures will be released at 1330 UTC today.
USDCHF – 1 Hour Chart
The USDCHF has reversed bearish around the bearish channel resistance area and the longer-term moving average (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, suggesting that price may attempt a bearish move to the channel support area. Selling momentum is looking a little exhausted though and the USDCHF is finding support around the horizontal level at 0.9920, signalling that price may move above the channel resistance area. Shorting opportunities could exist around the moving averages and if the USDCHF moves below the horizontal support at 0.9920. Opportunities to go long could exist around the horizontal support and if price moves above the bearish channel resistance area.
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 recently decided to keep rates at -0.75%. The CHF may act as a safe-haven currency during the French election and as the Italian and other European elections near.
US Core Durable Goods Orders and Unemployment Claim figures will be released at 1330 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY stalled around the previous high at 111.50 but continued to be bullish. Price action has formed a bullish channel and the moving averages are bullish and are widening, suggesting that the uptrend could continue. Buying momentum is looking a little aggressive though, suggesting that the bullish channel will not hold. Buying opportunities could exist around the moving averages, around the bullish channel support area and around the previous swing high at 110.35.
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 Yen may act as a safe-haven currency during the French election and as the Italian and other European elections near. 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.
US Core Durable Goods Orders and Unemployment Claim figures will be released at 1330 UTC today.
XAUUSD – 1 Hour Chart
GOLD reversed bearish around the previous range support area and has continued to downtrend (as suggested in yesterday’s chart analysis). Price action has formed a downward channel and the moving averages are bearish and are widening, signalling that GOLD could continue to move lower. Selling opportunities may exist around the bearish channel resistance area and around the moving averages. Price may stall or reverse around the bearish channel support area.
Hits: 2