Intraday Forex Analysis – 1 Hour Charts – September 21, 2016

AUDUSD – 1 Hour Chart

The AUDUSD had no clear direction during yesterday’s trading sessions (price was moving in a general sideways direction). The recent trend is still up and the bullish moving averages are still widening, suggesting that price could continue it’s upwards direction. If price pulls back before attempting a move higher, buying opportunities could exist around the trend support area, around the dynamic support of the moving averages and if price moves above the horizontal resistance around 0.7565. A bullish move could stall or reverse around the horizontal 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 and the Presidential election nears, 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. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP moved above the horizontal resistance area and was initially bullish during yesterday’s trading sessions. The moving averages continue to be bullish but they are beginning to tighten slightly, suggesting that price may continue to retrace during today’s trading sessions. Buying opportunities could exist around the bullish moving averages and around the trend support area.

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

As suggested in yesterday’s chart analysis, the EURUSD reversed bearish around the dynamic, trend and horizontal resistance, and moved lower during yesterday’s trading sessions. Price is now finding support around the horizontal support at 1.1130. The bearish moving averages are tightening slightly, suggesting that price could start retracing during today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and if price moves below the horizontal support.

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 and the Presidential election nears, 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. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price found resistance around the shorter-term moving average and was bearish during yesterday’s trading sessions. The bearish moving averages are beginning to tighten and the most recent move lower was rejected, suggesting that price could start retracing during today’s trading sessions. Selling opportunities could exist around the trend resistance area and around the bearish 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 and the Presidential election nears, 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. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

NZDUSD – 1 Hour Chart

The NZDUSD continues to be choppy and lack price direction. The moving averages have become more bullish though, suggesting that price could move higher. Buying opportunities could exist around the diagonal support identified on the above chart and if price moves above the horizontal resistance at 0.7360.

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 and the Presidential election nears, 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. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. New Zealand will also announce their rate at 2100 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

USDCAD – 1 Hour Chart

Price continues to move in a general sideways direction and is lacking price direction. The moving averages confirm the consolidation, they are moving sideways also and are crossing frequently. Trading opportunities could exist around the identified support and resistance areas on the above chart and if price breaks-out of the consolidation/sideways channel.

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. US Crude Oil Inventories data is set to be released at 1430 UTC today. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

USDCHF – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCHF found support around the shorter-term moving average and was bullish during yesterday’s trading sessions. The moving averages continue to be strongly bullish, suggesting that price could move above the horizontal resistance around 0.9810. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support areas and if price moves above the horizontal resistance.

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 and the Presidential election nears, 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. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

USDJPY – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDJPY found resistance around the trend resistance area and reversed bullish around the horizontal support at 101.50. The moving averages are bearish but they are becoming more bullish, suggesting that price could move higher in today’s trading sessions. Buying opportunities could exist around bullish moving averages and around the horizontal support areas.

The Bank of Japan have announced a slight hike in their rate, from -0.20% to -0.10%. 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 and the Presidential election nears, 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. FOMC Projections, Statement and Rate Announcement is set for 1800 UTC. This will be followed by a FOMC Press Conference at 1830 UTC. All of these news events are likely to cause a lot of movement to the financial markets.

XAUUSD – 1 Hour Chart

The downwards move is lacking momentum and price is now looking more bullish. The moving averages confirm this, they are tightening and could cross bullish during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal resistance (now support) at 1317.00.

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