Intraday Forex Analysis – 1 Hour Charts – September 29, 2016
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD found support around the trend support area and around the longer-term moving average and was bullish during yesterday’s trading sessions. The moving averages continue to be bullish and are widening, suggesting that price could continue to move higher. Buying opportunities could exist around the trend support areas, around the dynamic support of the moving averages and around the horizontal support at 0.7650.
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 Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC.
EURGBP – 1 Hour Chart
Price lacked direction and moved sideways during yesterday’s trading sessions. The moving averages have crossed bearish and are widening, price is also below the recent trend support area, all suggesting that price may attempt a move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and if price moves below the horizontal support at 0.8600. A bearish move could stall or reverse around the horizontal support at 0.8560.
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 that will directly impact this pair during today’s trading sessions.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found support around the horizontal support at 1.1190. The EURUSD continues to look very choppy and is lacking price direction. The moving averages confirm this, they are crossing frequently and are currently moving sideways. Trading opportunities could exist around the identified horizontal support and resistance. If price moves below the horizontal support, price could make a move lower.
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 Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC.
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD found support around the trend support and horizontal support areas and was bullish during yesterday’s trading sessions. The moving averages have crossed bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the trend support area, around the horizontal support at 1.2990 and around the dynamic support 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 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 Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC.
NZDUSD – 1 Hour Chart
The NZDUSD continues to look a little choppy and lack clear direction (as mentioned many times previously). The moving averages confirm this – they are crossing frequently and moving in a sideways direction. Price action is forming a tightening consolidation pattern (symmetrical triangle). Trading opportunities could exist around the consolidation support and resistance, if price breaks-out of the pattern and around 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. US Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC.
USDCAD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCAD reversed bearish around the horizontal resistance at 1.3260 and moved lower during yesterday’s trading sessions. The moving averages are tightening and could cross bearish during today’s trading sessions, suggesting that price could move lower. Price is currently retracing some of the recent bearish move. Selling opportunities could exist around the dynamic resistance of the moving averages and around the diagonal 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 Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC.
USDCHF – 1 Hour Chart
The USDCHF continues to look indecisive and lack direction. The moving averages are bullish though and are widening, suggesting that price could move higher. Trading opportunities could exist around the identified support and resistance areas 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 Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved above the consolidation resistance and moved higher during yesterday’s trading sessions. The moving averages could cross bullish, suggesting that price could still move higher. If price pulls back before attempting a move higher, buying opportunities could exist around bullish moving averages and around the trend support area.
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 Unemployment Claims data and a Final GDP figure are set to be released at 1230 UTC today. This is followed by a speech from the Fed at 2000 UTC. There will also be a speech from the Governor of the Bank of Japan at 0000 UTC.
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD was bearish and moved lower during yesterday’s trading sessions. The moving averages continue to be bearish and are widening, suggesting that price could still move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the channel resistance area.
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