Intraday Forex Analysis – 1 Hour Charts – September 02, 2016

AUDUSD – 1 Hour Chart

The AUDUSD continues to retrace some of the recent swing lower and be bullish. The bearish moving averages continue to tighten and could cross bullish during today’s trading sessions, suggesting that the retracement could continue. Buying opportunities could exist around the moving averages if they cross bullish and around the short-term trend support line. If price is very bullish during today’s trading sessions, selling opportunities could exist around the trend resistance 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.The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets.

EURGBP – 1 Hour Chart

The EURGBP was bearish during yesterday’s trading sessions (as suggested in yesterday’s chart analysis). 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.

Very strong UK CPI data has cleared some doubt about the future of the British economy. Very strong manufacturing data has also been released. This is mainly due to the cheaper sterling boosting exports. Though leaving the EU looms, the GBP has been gaining back some ground but most experts believe that the GBP will continue to weaken long-term. The future of the Euro is very unclear at this point. UK Construction PMI is set to be released at 0830 UTC today.

EURUSD – 1 Hour Chart

Price broke-out of the sideways channel during yesterday’s trading sessions and then moved much higher. The bearish moving averages are tightening and are about to cross bullish, suggesting that the upside move could continue. Buying opportunities could exist around the dynamic support of the moving averages (if they are bullish) and around the previous range resistance at 1.1160. A bullish move could stall or reverse around the diagonal resistance areas identified on the above chart.

The future of the Euro is very unclear (not uncertain, just indecisive). US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the moving averages crossed bullish and price moved much higher during yesterday’s trading sessions. The bullish moving averages are widening, suggesting that the upside move could continue. Buying opportunities could exist around the previous horizontal resistance (now support) at 1.3260, around the dynamic support of the moving averages and around the trend support area.

The Bank of England have cut rates as expected and have also increased their QE program. This initially caused weakness for the GBP but very strong UK CPI data has cleared some doubt about the future of the British economy. Very strong manufacturing data has also been released. This is mainly due to the cheaper sterling boosting exports. Most experts still believe that the GBP will continue to weaken long-term though. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. UK Construction PMI is set to be released at 0830 UTC today. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets.

NZDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the NZDUSD was bullish during yesterday’s trading sessions and reversed around the trend resistance area. The moving averages have crossed bullish and are widening, suggesting that the upside direction could continue. Buying opportunities could exist around the dynamic support of the moving averages and around the channel support area. A bullish move may stall or reverse around the channel resistance area.

The economy of New Zealand continues to seem steady. As expected, the Reserve Bank of New Zealand lowered the official rate to 2.00%. The NZD gained strength and continues to seem steady even with this potential weakening rate news. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets.

USDCAD – 1 Hour Chart

The USDCAD was bearish during yesterday’s trading sessions. Price has started to retrace some of the recent swing high but the moving averages continue to look strongly bullish, suggesting that price may attempt to move higher. Buying opportunities could exist around any of the key Fib levels and around the dynamic support of the longer-term moving average.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets. Canadian Trade Balance data is set to be released at the same time.

USDCHF – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCHF started to retrace and was bearish during yesterday’s trading sessions. The bullish moving averages continue to tighten, suggesting that the retracement could continue. Buying opportunities could exist around the longer-term moving average, around the trend support area and around the 38.2%, 50.0% and 61.8% Fib levels.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets.

USDJPY – 1 Hour Chart

The USDJPY started to retrace during yesterday’s trading sessions but has found support around the potential channel support area (identified in yesterday’s chart analysis). The moving averages have begun to tighten a little but they are still very bullish, suggesting that the support may hold and that price could move higher during today’s trading sessions. A bullish move could stall or reverse around the channel resistance area.

The most recent Japanese Monetary Policy Statement and announcement from the BOJ has provided some strength to the Yen – most experts were expecting a much greater stimulus package. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Unemployment Rate and Non-Farm Payrolls are set to be released at 1230 UTC today. Historically, these news events have caused major volatility and price movement within the FX markets.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD reversed bullish around the consolidation support area. Price has since found dynamic resistance around the longer-term moving average and is moving lower. The bearish moving averages are tightening slightly, suggesting that a bearish move may fail. Buying opportunities could exist as price moves above the horizontal resistance area at 1315.30 and around the horizontal support at 1304.50. Selling opportunities could exist around the trend resistance area, around the horizontal resistance at 1315.30 and around the dynamic resistance of the longer-term moving average.

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