Intraday Forex Analysis – 1 Hour Charts – September 26, 2016

AUDUSD – 1 Hour Chart

The AUDUSD continued to retrace during Friday’s trading sessions. The moving averages are still bullish but are beginning to tighten. Buying opportunities could exist around the trend support area and the dynamic support of the longer-term moving average. Price may attempt a swing higher during today’s trading sessions.

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. Most economists believe that a US rate hike could happen in December. There is no major scheduled news today that will directly impact this pair.

EURGBP – 1 Hour Chart

As suggested in Friday’s chart analysis, price moved above the range resistance and rallied much higher during Friday’s trading sessions. The moving averages are bullish and are widening, suggesting that price could continue to trend higher. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal resistance turned support at 0.8605.

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. German Ifo Business Climate data will be released at 0800 UTC today. This will be followed by a speech from the ECB President at 1505 UTC.

EURUSD – 1 Hour Chart

As suggested in Friday’s chart analysis, the EURUSD was bullish and moved higher during Friday’s trading sessions. Overall, price continues to look choppy and lack price direction. The moving averages continue to be bullish though, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages. A bullish move may stall or reverse around the horizontal resistance at 1.1250.

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. Most economists believe that a US rate hike could happen in December. German Ifo Business Climate data will be released at 0800 UTC today. This will be followed by a speech from the ECB President at 1505 UTC.

GBPUSD – 1 Hour Chart

The GBPUSD was very bearish during Friday’s trading sessions. Price continues to trend lower but the moving averages are bullish, suggesting some indecision in the market. Price is nearing a clear horizontal support at 1.2945. Buying opportunities could exist if the horizontal support holds. If not, selling opportunities could exist if price clearly closes below the support area.

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. Most economists believe that a US rate hike could happen in December. 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 was bearish and moved much lower during Friday’s trading sessions. Price continues to look choppy and indecisive but the moving averages are strongly bearish and are widening, suggesting that price could continue to move lower. 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 have held rates at 2.00%. The NZD continues to seem steady and is one of the stronger currencies. 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. Most economists believe that a US rate hike could happen in December. There is no major scheduled news today that will directly impact this pair.

USDCAD – 1 Hour Chart

The USDCAD moved strongly higher during Friday’s trading sessions. The moving averages are moving sideways and are providing no clear direction. Recent price action suggests that the trend is down though. From a technical view, there are very few areas that could provide trading opportunities.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Most economists believe that a US rate hike could happen in December. Recent Canadian economic figures have been very poor. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

USDCHF – 1 Hour Chart

As suggested in Friday’s chart analysis, price reversed around the horizontal support turned resistance and around the shorter-term moving average and moved slightly lower during Friday’s trading sessions. The moving averages are still bearish but they are beginning to tighten slightly and price is above the shorter-term moving average, suggesting that price could move higher during today’s trading sessions. Overall though, price is looking indecisive and is lacking direction.

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. Most economists believe that a US rate hike could happen in December. The SNB Chairman will give a speech at 0930 UTC today.

USDJPY – 1 Hour Chart

The USDJPY had no clear direction during Friday’s trading sessions. Price is now moving within a sideways channel (ranging). The bearish moving averages are tightening, suggesting that a break to the upside could be more likely than a break to the downside. A break to the downside may provide a bigger price swing though as a price to the upside will encounter the close resistance at 101.40-101.50.

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. Most economists believe that a US rate hike could happen in December. There is no major scheduled news today that will directly impact this pair.

XAUUSD – 1 Hour Chart

GOLD continues to steadily retrace the recent bullish move. The moving averages continue to be very bullish though, suggesting that price may attempt a swing higher. Buying opportunities could exist around any of the key Fib levels and around the dynamic support of the longer-term moving average.

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