Intraday Forex Analysis – 1 Hour Charts – September 12, 2016

AUDUSD – 1 Hour Chart

The AUDUSD was very bearish during Friday’s trading sessions. The moving averages have crossed bearish, suggesting that price could continue to move lower. The bearish move is looking a little over-extended though and is nearing a horizontal support at 0.7500. If price does attempt a bearish move in today’s trading sessions, it may not last long. Selling opportunities could exist around the dynamic resistance 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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

EURGBP – 1 Hour Chart

As suggested in Friday’s chart analysis, the EURGBP found support around the shorter-term moving average and has since been bullish. The moving averages are bullish and are showing little sign of weakening – suggesting that the upwards price direction could continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and if price moves above the horizontal resistance at 0.8480.

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 but the ECB Press Conference today may shed some light. There is no major scheduled news today that will directly impact this pair.

EURUSD – 1 Hour Chart

Price was very bearish during Friday’s trading sessions. The bearish move bounced off the previous horizontal resistance (now support) identified in Friday’s chart analysis. The bullish moving averages are tightening and becoming more bearish, suggesting that price could move lower during today’s trading sessions. Price has formed a tightening consolidation pattern within a bullish channel. Selling opportunities could exist around the consolidation resistance area. Buying opportunities could exist around the channel support area.

The future of the Euro is very unclear (not uncertain, just indecisive), but the ECB Press Conference today may shed some light. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

GBPUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, the GBPUSD came off the trend resistance area and was bearish during Friday’s trading sessions. As also suggested, the bearish move found support around the horizontal support at 1.3260. The moving averages are 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 moving averages, around the trend resistance area and around the previous horizontal support at 1.3290.

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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

NZDUSD – 1 Hour Chart

The NZDUSD was very bearish during Friday’s trading sessions. The moving averages have crossed bearish and are widening – suggesting that price could move lower during today’s trading sessions. From a technical view, there are very few areas that could provide trading opportunities in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages.

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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

USDCAD – 1 Hour Chart

The USDCAD was very bullish during Friday’s trading sessions (as suggested in Friday’s chart analysis). The moving averages have crossed bullish and are widening, suggesting that price could continue to move higher. If price pulls back before attempting a move higher, buying opportunities could exist around the trend support area and around the bullish moving averages.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Though recent US economic news has been disappointing. Very positive Canadian economic figures are giving strength to the Canadian dollar. There is no major scheduled news today that will directly impact this pair.

USDCHF – 1 Hour Chart

As suggested in Friday’s chart analysis, the USDCHF was bullish during Friday’s trading sessions and has stalled (found resistance) around the previous horizontal support at 0.9770. The moving averages have crossed bullish and are widening – suggesting that price could attempt a move higher during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

USDJPY – 1 Hour Chart

The USDJPY was bullish during Friday’s trading sessions. The moving averages have crossed bullish and are widening – suggesting that price may attempt a move higher during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support areas. A bullish move may stall or reverse around the previous horizontal support (now resistance) at 103.10.

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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

XAUUSD – 1 Hour Chart

GOLD has been bearish for the last few trading days. The moving averages have now crossed bearish and are widening – suggesting that the downwards price direction could continue. If price retraces before attempting a swing lower, selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move may stall or reverse around the trend support area.

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