Intraday Forex Analysis – 1 Hour Charts – September 07, 2016
AUDUSD – 1 Hour Chart
The AUDUSD was very bullish during yesterday’s trading sessions. Price is now being rejected around a diagonal resistance area – identified on the above chart. The moving averages continue to be bullish and are showing little sign of weakening, suggesting that price could yet move higher. If price pulls back before attempting another bullish move, buying opportunities could exist around the dynamic support of the moving averages.
The Bank of Australia have decided again to hold rates at the low of 1.50%.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. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
EURGBP – 1 Hour Chart
The EURGBP has moved above the trend resistance area and the bearish moving averages are tightening – suggesting that price could attempt in a bullish move during today’s trading sessions. Buying opportunities could exist around the previous trend resistance area as support and if price moves above the longer-term moving average.
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 Manufacturing Production data is set to be released at 0830 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD rallied out of the consolidation and stalled around the previous horizontal support (acting as resistance) at 1.1250. The moving averages have crossed bullish and are widening, suggesting that the upwards move could continue. Buying opportunities could exist around any of the key Fib levels and around the dynamic support of the moving averages.
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. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
GBPUSD – 1 Hour Chart
The GBPUSD was very bullish during yesterday’s trading sessions. The moving averages are bullish but they are beginning to tighten, suggesting that price could retrace some of the bullish move during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal support at 1.3260.
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 Manufacturing Production data is set to be released at 0830 UTC today.
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the NZDUSD was bullish during yesterday’s trading sessions and rallied out of the sideways consolidation. The moving averages continue to be bullish but price is looking a little over-extended – suggesting that price could retracing during today’s trading sessions. If price is very bearish during today’s trading sessions, buying opportunities could exist around the dynamic support of the moving averages and around the previous support areas (identified on the above chart).
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. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD closed below the horizontal support area at 1.2910 and moved much lower during yesterday’s trading sessions. Price has now formed a potential bearish consolidation pattern. The moving averages continue to be bearish and are widening, suggesting that the downwards direction could continue. Selling opportunities could exist around the consolidation resistance area, around the previous horizontal support at 1.2855 and around the shorter-term moving average. A bearish move may stall or reverse around the consolidation support area.
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. Very positive Canadian economic figures are giving strength to the Canadian dollar. The Bank of Canada will announce rates and give a statement at 1400 UTC today. This event is likely to cause a lot of volatility on Canadian Dollar pairs.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCHF closed below the consolidation support area during yesterday’s trading sessions and moved much lower. The moving averages are bearish and are widening, suggesting that price could still move lower. If price is bullish before attempting a move lower, selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support area around 0.9770.
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. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
USDJPY – 1 Hour Chart
Price moved below the horizontal support at 103.15 during yesterday’s trading sessions and then moved much lower (as suggested in yesterday’s chart analysis). The moving averages have crossed bearish and are widening, suggesting that price could still move lower. If price is strongly bullish before moving lower, selling opportunities could exist around the dynamic resistance of the moving averages.
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. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD found support around the trend support area and moved much higher during yesterday’s trading sessions. The moving averages continue to be bullish and are widening, suggesting that the bullish move could continue. If price is bearish before attempting a move higher, buying opportunities could exist around the dynamic support of the moving averages and around the trend support area.
Hits: 2