Intraday Forex Analysis – 1 Hour Charts – April 26, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 26.04.2017

The AUDUSD continues to move within the large horizontal channel at 0.7475-0.7610. Price has found support around the bullish channel support area (identified in yesterday’s chart analysis) and has formed a symmetrical triangle consolidation pattern. The moving averages have been crossing frequently and are providing no clear direction – confirming the current market indecision. Trading opportunities could exist around the triangle support and resistance areas and if the AUDUSD moves out of the triangle (break-out trade). Price may stall or reverse around the horizontal channel 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.

A US Crude Oil Inventories figure will be announced at 1530 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 26.04.2017

As suggested in yesterday’s chart analysis, the EURGBP moved above the range resistance area and has continued to be bullish. The moving averages are bullish and are steady, signalling that price may continue to move higher. Buying opportunities could exist around the bullish channel support area, around the previous range resistance at 0.8505 and around the dynamic support of the moving averages. The EURGBP may stall or reverse around the bullish channel resistance area.

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.

There is no major scheduled news today that will directly impact this pair.

EURUSD – 1 Hour Chart

EURUSD - 26.04.2017

Price has continued to uptrend and move higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and steady, suggesting that the EURUSD could continue to be bullish. Long opportunities may exist around the horizontal levels at 1.0900 and 1.0835, around the moving averages and around the previous bullish channel resistance area.

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.

A US Crude Oil Inventories figure will be announced at 1530 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 26.04.2017

The GBPUSD continues to move within the horizontal channel at 1.2770-1.2850. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). The moving averages confirm the current indecision – they are tight and are moving sideways.

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.

A US Crude Oil Inventories figure will be announced at 1530 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 26.04.2017

As suggested in yesterday’s chart analysis, price moved below the range support area and has since been very bearish. The moving averages are bearish and are widening, signalling that the NZDUSD may start down-trending. If price starts retracing, selling opportunities could exist around the dynamic resistance of the moving averages and around the previous range support at 0.6985. The NZDUSD may find support and start retracing around the previous low at 0.6910.

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 Crude Oil Inventories figure will be announced at 1530 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 26.04.2017

Price has reversed around the bullish channel resistance area (as suggested in yesterday’s chart analysis) and is now retracing some of the recent bullish swing. The USDCAD continues to move within the bullish channel and the moving averages are bullish and are widening, all suggesting that price may attempt a swing higher. Opportunities to go long could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the bullish channel 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.

Canadian Core Retail Sales data will be released at 1330 UTC today. This will be followed by a US Crude Oil Inventories figure at 1530 UTC.

USDCHF – 1 Hour Chart

USDCHF - 26.04.2017

As suggested in yesterday’s chart analysis, the USDCHF has continued to be bearish and downtrend within a bearish channel. Price is looking a little choppy and is struggling to form a swing lower. This suggests that the USDCHF may attempt a bullish move out of the bearish channel. The moving averages are bearish and are widening though, signalling that the downtrend could continue. Shorting opportunities could exist around the bearish moving averages and around the bearish channel resistance area. Long opportunities may exist 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.

A US Crude Oil Inventories figure will be announced at 1530 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 26.04.2017

The USDJPY has continued to uptrend (as suggested in yesterday’s chart analysis). If price starts retracing, buying opportunities could exist around the bullish moving averages and around the previous horizontal resistance at 110.35. The moving averages are bullish and are widening, suggesting that the uptrend may continue. The USDJPY could stall or start retracing around the previous high at 111.50.

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.

A US Crude Oil Inventories figure will be announced at 1530 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 26.04.2017

As suggested in yesterday’s chart analysis, GOLD moved below the range support area and has continued to be bearish. The moving averages are bearish and are widening, signalling that price may continue to downtrend. Opportunities to go short could exist around the previous range support and resistance at 1269.00 and 1277.50, around the dynamic resistance of the moving averages and around the trend resistance area. GOLD may stall or reverse around the potential bearish channel support area.