Intraday Forex Analysis – 1 Hour Charts – August 15, 2016

AUDUSD – 1 Hour Chart

The AUDUSD has been bearish for the last couple of trading days. The bullish moving averages are about to cross bearish and price is comfortably moving and closing below the moving averages – both suggesting that the bearish move could continue. Selling opportunities could exist around the dynamic resistance of the bearish moving averages. Price has formed a potential trend resistance area. If price reaches this area, there could be some selling opportunities.

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. Australian Monetary Policy Meeting Minutes are set to be released at 0130 UTC. This will likely cause some market movement and volatility on AUD currency pairs.

EURGBP – 1 Hour Chart

As suggested in Friday’s chart analysis, price found support around the channel support area and around the dynamic support of the shorter-term moving average. The bullish move reversed around the channel resistance and is now nearing the channel support again. The moving averages continue to be very bullish and are showing no signs of weakening, suggesting that the upwards move could continue. Buying opportunities could exist around the channel support area and around the dynamic support of the moving averages.

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 directly impact this currency pair.

EURUSD – 1 Hour Chart

The EURUSD continues to move within the consolidation pattern. Price came off the consolidation resistance during the last trading sessions, as suggested in Friday’s chart analysis. The moving averages are bullish but are tightening – suggesting that price may reach the consolidation support during today’s trading sessions. Buying opportunities could exist around the consolidation support area. A bullish move is likely to stall or reverse around the consolidation resistance.

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

GBPUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, the GBPUSD reversed around the trend resistance area and moved lower during Friday’s trading sessions. The moving averages continue to be bearish and are widening – suggesting that the bearish move could continue. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area.

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 directly impact this currency pair.

NZDUSD – 1 Hour Chart

The NZDUSD has been bearish the last couple of trading days. The overall trend is up but price is currently retracing. The bullish moving averages are looking more bearish and could cross bearish in today’s trading sessions – suggesting that the bearish move could continue. A buying opportunity could exist around the previous trend resistance area (now support). A selling opportunity could exist 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. As expected, the Reserve Bank of New Zealand have lowered the official rate to 2.00%. The NZD gained strength and continues to seem steady even with this potential weakening news. There is no major scheduled news today that will directly impact this currency pair, though the release of Australian’s Monetary Policy Meeting Minutes are likely to cause some volatility on NZD pairs.

USDCAD – 1 Hour Chart

The USDCAD moved below the recent range support area and has moved lower. The moving averages are very bearish and are showing no sign of weakening, suggesting that the bearish move could continue. Price is currently testing the trend resistance area, this could provide a selling opportunity. If the trend resistance does not hold, other selling opportunities could exist around the dynamic resistance of the moving averages and around the previous range support area.

The Canadian Dollar continues to be weak as poor Canadian economic data is released. With a recent mix of positive and negative US economic data and with no clear direction on when the next US rate increase will be, the USD continues to be indecisive and a bit uncertain. There is no major scheduled news today that will directly impact this currency pair.

USDCHF – 1 Hour Chart

The overall trend is down but the USDCHF is looking a little indecisive and is lacking price direction. The moving averages are bearish but are tightening, suggesting that price could be bullish today and near the long-term trend resistance area. A selling opportunity could exist around the longer-term moving average and around the trend resistance area.

With a recent mix of positive and negative US economic data and with no clear direction on when the next US rate increase will be, the USD continues to be indecisive and a bit uncertain. There is no major scheduled news today that will directly impact this currency pair.

USDJPY – 1 Hour Chart

The USDJPY is giving-off mixed technical signals and seems a little indecisive – just like some other USD pairs. Price could still be in a possible tightening triangle consolidation (see Friday’s chart analysis) but price has also formed a downwards channel. The moving averages are bearish but overall they are lacking direction. Selling opportunities could exist around the dynamic resistance of the moving averages and around the channel resistance.

With a recent mix of positive and negative US economic data and with no clear direction on when the next US rate increase will be, the USD continues to be indecisive and a bit uncertain. 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 directly impact this currency pair.

XAUUSD – 1 Hour Chart

GOLD continues to move between clear support and resistance areas and is consolidating. As suggested in Friday’s chart analysis, price has moved off the support and resistance areas a number of times and has provided some quick trading opportunities. The moving averages are indecisive and lack direction – confirming the consolidation. As the price pattern tightens, a breakout becomes more likely.

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