Intraday Forex Analysis – 1 Hour Charts – September 19, 2016
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the AUDUSD found support around the previous horizontal resistance and has since been bullish. The moving averages have crossed bullish and price has formed a higher swing high – both suggesting that price could continue a general upwards direction. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support area.
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. Australian Monetary Policy Meeting Minutes are set to be released 0230 UTC.
EURGBP – 1 Hour Chart
The EURGBP was very bullish during Friday’s trading sessions. The moving averages are bullish and price has formed a higher swing high – both suggesting that the upwards price direction could continue. If price pulls back before moving higher, buying opportunities could exist around the bullish moving averages, around the trend support area and around any of the key Fib levels.
Very strong UK CPI data has cleared some doubt about the future of the British economy. 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. 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 moving averages have crossed bearish and are widening, suggesting that the general downwards price direction could continue. If price retraces some of the recent bearish move before attempting a move lower, selling opportunities could exist around the dynamic resistance of the moving averages, around the horizontal support as resistance and around the trend resistance areas.
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. 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 found resistance around the longer-term moving average and made a move lower during Friday’s trading sessions. The moving averages are bearish and are widening slightly, suggesting that the downtrend could continue. Selling opportunities could exist around the previous horizontal support (now resistance) at 1.3060 and around the dynamic resistance of the moving averages.
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
As suggested in Friday’s chart analysis, the NZDUSD found support around the channel support area and has since been bullish. Price action has formed a potential symmetrical consolidation pattern. The moving averages have just crossed bullish though, suggesting that price could break to the upside of the consolidation resistance. Trading opportunities could exist around the consolidation support and resistance areas. A buying opportunity could exist if price moves above the consolidation resistance area. A buying opportunity could also exist around the dynamic support 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 has reversed the recent bullish move and is nearing a horizontal support at 1.3135. The moving averages are becoming more bearish and price is below both moving averages, suggesting that price could either be indecisive or that price could start trending lower. A selling opportunity could exist if price moves below the horizontal support area and around the moving averages (if they cross bearish).
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. There is no major scheduled news today that will directly impact this pair.
USDCHF – 1 Hour Chart
Price was very bullish during Friday’s trading sessions. The bullish move has stalled around the horizontal resistance at 0.9810 and is currently retracing. The moving averages have crossed bullish, suggesting that price could continue to move higher. Buying opportunities could exist if price moves above the horizontal resistance at 0.9810, around the horizontal resistance (now support) at 0.9780, around the dynamic support of the moving averages 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, 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
As suggested in Friday’s chart analysis, the USDJPY found support around the channel support area and moved slightly higher during Friday’s trading sessions. Price continues to lack direction though. The moving averages confirm this, they have crossed again and are looking very indecisive. Buying opportunities could exist around any of the support areas identified on the above chart. 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. 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
As suggested in Friday’s chart analysis, GOLD moved lower and was bearish during Friday’s trading sessions. Price has since been retracing some of the bearish move and is nearing a clear resistance area. The moving averages continue to be bearish and are widening slightly, suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area.
Hits: 5