Intraday Forex Analysis – 1 Hour Charts – September 14, 2016
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found resistance around the shorter-term moving average and moved below the horizontal support area – concluding a very bearish day for the AUDUSD. Price is now retracing some of the recent downwards move. The moving averages are bearish but are tightening slightly, overall they are strongly bearish though. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal support turned resistance.
The Bank of Australia have again decided 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. US Crude Oil Inventories data is set to be released at 1430 UTC today. Australian Employment data is set to be released overnight (UTC) at 0130 UTC.
EURGBP – 1 Hour Chart
The EURGBP was strongly bullish during yesterday’s trading sessions. The moving averages are bullish but are very tight, suggesting that price could move lower before attempting another swing higher. If price is bearish in today’s trading sessions, buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the previous diagonal resistance (now support).
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. British Averages Earnings and Claimant Count data is set to be released at 0830 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the EURUSD broke below the consolidation support and quickly reversed around the horizontal support at 1.1210. Price is now consolidating again. If price breaks out of the tightening consolidation, price may then continue to range between the identified horizontal support and resistance. Overall, the EURUSD is looking very indecisive and is lacking direction.
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. US Crude Oil Inventories data is set to be released at 1430 UTC today.
GBPUSD – 1 Hour Chart
The GBPUSD was very bearish during yesterday’s trading sessions. The moving averages are bearish and are steady, suggesting that price could continue to move lower. If price pulls back and is bullish before attempting a swing lower, selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal support turned resistance at 1.3245.
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. British Averages Earnings and Claimant Count data is set to be released at 0830 UTC today. US Crude Oil Inventories data is set to be released at 1430 UTC.
NZDUSD – 1 Hour Chart
The NZDUSD was very bearish during yesterday’s trading sessions. The moving averages are bearish but are tightening, suggesting that price could move higher in today’s trading sessions. Selling opportunities could exist as price reaches the dynamic resistance of the moving averages and around the trend resistance area. A bearish move could stall or reverse around the horizontal support at 0.7210.
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. US Crude Oil Inventories data is set to be released at 1430 UTC. A New Zealand GDP figure is set to be released at 2245 UTC.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD found support around the shorter-term moving average and the trend support area and moved much higher during yesterday’s trading sessions. The moving averages continue to be bullish, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the shorter-term moving average and around the trend support area.
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. US Crude Oil Inventories data is set to be released at 1430 UTC today.
USDCHF – 1 Hour Chart
The USDCHF was bullish during yesterday’s trading sessions. Price is still fairly choppy and is looking indecisive. The moving averages are tightening and could cross again – confirming the lack of price direction. Buying opportunities could exist around the moving averages, around the diagonal support area and as price moves above the horizontal resistance at 0.9775. A bullish move could stall or reverse around the horizontal resistance at 0.9805. This area could also provide a selling opportunity.
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. US Crude Oil Inventories data is set to be released at 1430 UTC today.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDJPY moved above the consolidation resistance and stalled around the horizontal resistance at 103.15 during yesterday’s trading sessions. The moving averages have crossed bearish, suggesting that price could be bearish in today’s trading sessions. Price action is looking bullish though. Buying opportunities could exist if price closes above the horizontal resistance area 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. US Crude Oil Inventories data is set to be released at 1430 UTC today.
XAUUSD – 1 Hour Chart
GOLD was bearish during yesterday’s trading sessions (as mentioned in yesterday’s chart analysis). The moving averages are bearish but are tightening slightly. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance areas.
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