Intraday Forex Analysis – 1 Hour Charts – August 08, 2016

AUDUSD – 1 Hour Chart

The AUDUSD continues to move within the bullish channel and is currently finding support around dynamic support of the longer-term moving average. The moving averages are bullish but are starting to tighten, suggesting that price could return to the channel support area in today’s trading sessions. If price is bearish in today’s trading sessions, buying opportunities could exist around the channel support area.

The Bank of Australia have decided to hold rates at the low of 1.50% – this as well as other poor economic data has contributed to some weakness in the Australian Dollar. As expected, the Fed hasn’t changed US rates but have kept them at the low rate 0.50% – this has contributed to some weakness in the US Dollar. There is no major scheduled news today that will have a direct impact on this currency pair.

EURGBP – 1 Hour Chart

As suggested in Friday’s chart analysis, the EURGBP was very quiet during Friday’s trading sessions and there was no clear price direction. The moving averages have crossed bullish and price is nearing the dynamic support of the shorter-term moving average. Buying opportunities could exist around the moving averages, around the break of the recent swing high and around any of the key Fib levels.

As expected, the Bank of England have cut rates and have also increased their QE program. This has provided weakness for the GBP. Most experts believe that the GBP will continue to weaken long-term. The future of the Euro is very unclear at this point. There is no major scheduled news today that will have a direct impact on this currency pair.

EURUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, price formed a head and shoulder pattern and moved much lower after forming the 2nd shoulder of the pattern. The moving averages have crossed bearish and are widening, suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the bearish moving averages and around the trend resistance line.

The future of the Euro is very unclear (not uncertain, just indecisive). As expected, the Fed hasn’t changed US rates but have kept them at the low rate of 0.50% – this has contributed to some weakness in the US Dollar. The EURUSD had been rallying since the Fed announcement but is currently retracing the bullish move after positive US employment related data. Price may now have some clear price direction. There is no major scheduled news today that will have a direct impact on this currency pair.

GBPUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, the GBPUSD moved lower and was bearish in Friday’s trading sessions. Price is currently finding resistance around the previous diagonal support. The moving averages have crossed bearish and are widening, suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist around the diagonal support turned resistance and around the bearish moving averages.

The Bank of England have cut rates as expected and have also increased their QE program. This has provided weakness for the GBP. Most experts believe that the GBP will continue to weaken long-term. There is no major scheduled news today that will have a direct impact on this currency pair.

NZDUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, the NZDUSD completed the head and shoulder formation and moved lower in Friday’s trading sessions. The moving averages are bearish and price has formed a clear lower high and lower low, all suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist around the bearish moving averages and around the trend resistance area.

Positive US Employment related data has given strength to the US Dollar. The economy of New Zealand continues to seem steady. There is no major scheduled news today that will have a direct impact on this currency pair.

USDCAD – 1 Hour Chart

Price was very bullish during Friday’s trading sessions and closed above some clear resistance areas. The bearish moving averages are tightening and are likely to cross bullish in today’s trading sessions, suggesting that the bullish move could continue. Buying opportunities could exist around the dynamic support of the bullish moving averages and around the previous horizontal resistance (now support) at 1.3135.

Positive US Employment related data has given strength to the US Dollar. There is no major scheduled news today that will have a direct impact on this currency pair.

USDCHF – 1 Hour Chart

The USDCHF was very bullish during Friday’s trading sessions and price has moved much higher. The moving averages are bullish and price has formed a clear trend support area as well as a clear higher high and higher low – all suggesting that price could continue to move higher. Buying opportunities could exist around the trend support area and around the bullish moving averages. A bullish move is likely to stall or reverse around the horizontal resistance (previously support) at 0.9840-0.9850.

Positive US Employment related data has given strength to the US Dollar. There is no major scheduled news today that will have a direct impact on this currency pair.

USDJPY – 1 Hour Chart

As suggested in Friday’s chart analysis, the USDJPY was bullish during Friday’s trading sessions and is attempting a move to the trend resistance area – the moving averages confirm this, they have crossed bullish and are widening. Short-term buying opportunities could exist around the bullish moving averages and a longer-term selling opportunity could exist around the trend resistance area.

Positive US Employment related data has given strength to the US Dollar. The recent Japanese Monetary Policy Statement and announcement from the BOJ has provided some strength to the Yen – most experts were expecting a greater stimulus package. There is no major scheduled news today that will have a direct impact on this currency pair.

XAUUSD – 1 Hour Chart

Price was very bearish during Friday’s trading sessions but overall, GOLD is looking a little indecisive and potentially forming a tightening triangular consolidation pattern. The moving averages are bearish and are widening, suggesting that price could move lower in today’s trading sessions. If price does move lower, buying opportunities could exist around the potential consolidation support (currently around 1327.00).

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