Intraday Forex Analysis – 1 Hour Charts – July 13, 2016

AUDUSD – 1 Hour Chart

The AUDUSD was very bullish in yesterday’s trading sessions. Price is now retracing some of the bullish move and is nearing the shorter-term moving average. The moving averages continue to be bullish and are currently widening, suggesting that the bullish move could continue. Buying opportunities could exist around the bullish moving averages, around the trend support line (currently sitting at 0.7570) or around the upwards channel support area.

A political winner from the recent Australian election was announced last week, this strengthened the AUD slightly. Traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. US Crude Oil Inventories are set to be released at 1430 UTC today.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP was very bearish in yesterday’s trading sessions. The moving averages have crossed bearish and are widening, suggesting that the downside move could continue. Price may now retrace before moving lower, this could create some selling opportunities. Possible shorting opportunities could present themselves around the bearish moving averages or around the previous horizontal support levels (now resistance) around 0.8500.

Due to the UK planning on leaving the EU, there has been a strong GBP sell-off. The UK has appointed a new prime minister (Theresa May), this has provided some stability and strength to the GBP. There is a BOE speech this coming Thursday, most believe that the BOE will announce a small cut in interest rates. The future of sterling is still uncertain but most financial experts believe that the GBP will continue to weaken longer-term.

EURUSD – 1 Hour Chart

The EURUSD continues to range between the horizontal support at 1.1025 and the horizontal resistance at 1.1165. The moving averages are crossing bullish, suggesting that price could now move higher and possibly test the range resistance. Price may stall or reverse around the symmetrical triangle resistance identified in the above chart.

Traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. US Crude Oil Inventories are set to be released at 1430 UTC today.

GBPUSD – 1 Hour Chart

As predicted in yesterday’s chart analysis, the GBPUSD was bullish in yesterday’s trading sessions. The bullish moving averages are widening, suggesting that price could continue an upside move. From a technical view, there are very little resistance areas on GBPUSD but the market will find some natural resistance levels and could likely retrace at some point in today’s trading sessions. Possible buying opportunities could exist around the dynamic support of the moving averages.

Due to the UK planning on leaving the EU, there has been a strong GBP sell-off. The UK has appointed a new prime minister (Theresa May), this has provided some stability and strength to the GBP. There is a BOE speech this coming Thursday, most believe that the BOE will announce a small cut in interest rates. The future of sterling is still uncertain but most financial experts believe that the GBP will continue to weaken longer-term. US Crude Oil Inventories are set to be released at 1430 UTC today.

NZDUSD – 1 Hour Chart

The NZDUSD continues to move within the bullish channel. As identified in yesterday’s chart analysis, price has moved off the channel resistance and is moving lower. The bullish moving averages are tightening and could cross bearish in today’s trading sessions. This suggests that the bearish move could continue and that price could near the channel support area.

New Zealand continues to economically strengthen, hence the clear uptrend against the USD. US Crude Oil Inventories are set to be released at 1430 UTC today.

USDCAD – 1 Hour Chart

As identified in yesterday’s chart analysis, price found support at the previous consolidation resistance and has moved higher. Price is now looking a little indecisive but the trend is up. If price is bearish in today’s trading sessions, there could be a buying opportunity around the trend support line currently sitting at 1.2955.

The OIL markets continue to be bearish, this in turn is weakening the CAD and helping USDCAD to move higher. If the OIL markets start appreciating, USDCAD could start moving lower. The Bank of Canada (BOC) will provide their Monetary Policy Report and announce rates at 1400 UTC today. A rate change is not expected but if rates are adjusted, there will likely be a lot of movement on CAD pairs. US Crude Oil Inventories are set to be released at 1430 UTC today.

USDCHF – 1 Hour Chart

After finding support around the trend support line, price was bullish in yesterday’s trading sessions (as suggested in yesterday’s chart analysis). The moving averages continue to be bullish but they are starting to tighten. This could suggest that price could retrace in today’s trading sessions. If price does retrace, there could be buying opportunities around the previous horizontal resistance (now support) at 0.9850, around the dynamic support of the moving averages or around the trend support line. The trend support line has been tested a number of times though, I would expect price to move below the trend support line area if price tests if again.

Traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. US Crude Oil Inventories are set to be released at 1430 UTC today.

USDJPY – 1 Hour Chart

The USDJPY has been very bullish and is now looking a little over-extended. Price is currently retracing some of the bullish move. If price retraces lower, there could be buying opportunities around the key fib levels (23.6, 38.2, 50.0 & 61.8) and around the bullish moving averages.

The Yen has been weakening due to rumours of Japan boosting their QE. If the rumour is confirmed, the USDJPY may continue it’s bullish move and start a longer-term uptrend. Traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. US Crude Oil Inventories are set to be released at 1430 UTC today.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price was bearish in yesterday’s trading sessions. The bearish moving averages are widening, suggesting that a bearish move could continue, though the longer-term trend is up and there is some evidence that price could now attempt a new swing high. Buying or selling opportunities could exist around the horizontal support/resistance areas identified on the above chart. Selling opportunities could exist at the bearish moving averages.

Hits: 1