Intraday Forex Analysis – 1 Hour Charts – September 30, 2016

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD found support around the longer-term moving average and the trend support area during yesterday’s trading sessions. Price quickly reversed though and the AUDUSD closed bearish for the day. The moving averages are tightening and could cross bearish during today’s trading sessions, suggesting that price could move lower. Selling opportunities could exist around bearish moving averages and around the previous trend support area (as 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. Most economists believe that a US rate hike could happen in December. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURGBP – 1 Hour Chart

Price was bullish during yesterday’s trading sessions and has formed the start of a minor uptrend. The moving averages have crossed bearish but they are tightening and moving sideways, suggesting that there is some indecision in the market. Buying opportunities could exist around the trend support area and around the horizontal resistance (now support) at 0.8630.

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 UK Current Account figure will be released at 0830 UTC today.

EURUSD – 1 Hour Chart

As mentioned several times, the EURUSD is looking very indecisive and is lacking clear price direction. The moving averages confirm this, they are moving sideways and crossing frequently. Trading opportunities could exist around the identified support and resistance areas on the above chart.

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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

GBPUSD – 1 Hour Chart

The GBPUSD was bearish during yesterday’s trading sessions. The moving averages are crossing frequently and are moving in a general sideways direction, suggesting that price is indecisive and lacking direction. Trading opportunities could exist around the identified support and resistance areas on the above chart.

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. The UK Current Account figure is set to be released at 0830 UTC today.

NZDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the NZDUSD is looking choppy and lacking price direction. The moving averages confirm this, they are crossing frequently and moving in a general sideways direction. From a technical view, there are very few areas that could provide potential trading opportunities. Selling opportunities could exist around the trend resistance area.

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 that will directly impact this pair during today’s trading sessions.

USDCAD – 1 Hour Chart

Price continued to retrace the recent bearish move during yesterday’s trading sessions. As suggested in yesterday’s chart analysis though, the moving averages have crossed bearish and price reversed slightly around the dynamic resistance of the longer-term moving average. The moving averages are widening, suggesting that price could move lower. From a technical view, there are very few areas that could provide potential trading opportunities. A selling opportunity could exist around the longer-term moving average.

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. Canadian GDP will be announced at 1230 UTC today.

USDCHF – 1 Hour Chart

The USDCHF was very bearish during yesterday’s trading sessions. The moving averages have crossed bearish and are widening, suggesting that price could move lower. Price action is looking very choppy though and price is lacking clear market direction. Trading opportunities could exist around the identified support and resistance areas 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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

USDJPY – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDJPY found support around the trend support area and the shorter-term moving average and moved higher. The bullish move failed around the previous swing high though and has since been bearish. The moving averages continue to be bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the trend support area and around the dynamic support of the moving averages. A bullish move could stall or reverse around the horizontal resistance at 101.75.

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 that will directly impact this pair during today’s trading sessions.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD moved lower and found support around the identified horizontal support at 1317.00. The moving averages continue to be bearish but they are beginning to tighten, suggesting that selling momentum is weakening. Selling opportunities could exist around the dynamic resistance of the longer-term moving average. Buying opportunities could exist around the horizontal support at 1317.00.

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