Intraday Forex Analysis – 1 Hour Charts – September 28, 2016

AUDUSD – 1 Hour Chart

Price was bullish and formed a swing higher during yesterday’s trading sessions. The moving averages are bullish and are widening again, suggesting that price could move higher. Buying opportunities could exist around the trend support areas and around the dynamic support of the moving averages. If price closes below the support areas, the AUDUSD may start down-trending or become indecisive.

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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs.

EURGBP – 1 Hour Chart

The EURGBP was bearish and retraced a good portion of the recent bullish move during yesterday’s trading sessions. Price is now around the long-term trend support area. The moving averages are bullish but they are tightening and starting to become more bearish. This suggests that price could possibly move below the trend support area during today’s trading sessions. Selling opportunities could exist if price moves below the trend support and around the newly formed diagonal resistance. If the trend support holds, price may attempt a swing higher.

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 ECB President will speak at 1430 UTC today.

EURUSD – 1 Hour Chart

The EURUSD was bearish during yesterday’s trading sessions. Overall, price continues to look choppy and lack direction. The moving averages confirm this – they are moving sideways and are crossing frequently. Trading opportunities could exist around the identified support and resistance and around the moving averages.

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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs. The ECB President will also speak today at 1430 UTC.

GBPUSD – 1 Hour Chart

Price was bullish and moved higher during yesterday’s trading sessions. The moving averages are moving sideways but are becoming more bullish, suggesting that price could continue to move higher. Buying opportunities could exist around the trend support area and around the horizontal resistance (now support) at 1.2985.

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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs.

NZDUSD – 1 Hour Chart

As suggesting in yesterday’s chart analysis, the NZDUSD continues to lack direction and is looking indecisive. The moving averages confirm this – they are crossing frequently. From a technical view, there are very few areas that could provide potential trading opportunities. The moving averages are crossing bullish though, suggesting that price could be bullish during today’s trading sessions.

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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs.

USDCAD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD was bullish during yesterday’s trading sessions. Price attempted a swing higher but reversed around 1.3260. The moving averages continue to be bullish, suggested that price may attempt another move higher. 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 1.3260. A bullish move may stall or reverse around the horizontal resistance.

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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs.

USDCHF – 1 Hour Chart

As mentioned several times now, the USDCHF continues to look choppy and indecisive. From a technical view, it is difficult to predict where future price may be. The moving averages are crossing bullish though, suggesting that price could move higher. Buying opportunities could exist around the moving averages and if price moves above the horizontal resistance at 0.9720. A buying opportunity could also exist around the diagonal support area identified on the above chart.

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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs.

USDJPY – 1 Hour Chart

The USDJPY was bearish during yesterday’s trading sessions. Price is now moving within a tightening support and tightening resistance. Trading opportunities could exist as price breaks-out of the consolidation. The moving averages are bearish and are widening, suggesting that a break to the downside could be more likely. If price breaks to the upside, a bullish move may stall or reverse around the horizontal support (now 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. US data for Durable Goods Orders is set to be released at 1230 UTC today. This is followed by a testimony from the Fed Chair at 1400 UTC and US Crude Oil Inventories at 1430 UTC. All of these events are likely to move USD pairs.

XAUUSD – 1 Hour Chart

Price was very bearish and retraced a strong portion of the recent bullish move during yesterday’s trading sessions. The moving averages have crossed bearish and price action has formed a downwards channel, suggesting that price could continue to move lower. Selling opportunities could exist around the channel resistance area and around the dynamic resistance of the moving averages. A bearish move may stall or reverse around the channel support area.

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