Intraday Forex Analysis – 1 Hour Charts – February 13, 2017
AUDUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, price moved out of the symmetrical triangle and horizontal channel and has been bullish. The AUDUSD is looking a little choppy. The moving averages confirm the market indecision – they are crossing frequently. Buying opportunities may exist around the previous horizontal channel resistance at 0.7660, around the dynamic support of the moving averages and around the trend support area. Price could stall or revere around the horizontal resistance at 0.7690.
The Bank of Australia recently decided to hold rates at 1.50%.The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. There are concerns over how a Trump led US could negatively impact the Australian economy. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
EURGBP – 1 Hour Chart
Price continues to be choppy and indecisive. The moving averages confirm this – they are crossing frequently and are providing no clear trend direction. The EURGBP continues to find support around the horizontal support at 0.8500 (as suggested in Friday’s chart analysis). Trading opportunities could exist around the moving averages and around the identified horizontal levels. If price moves below the horizontal support at 0.8500, the EURGBP could attempt a bearish move.
The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like as they leave the EU. This has given strength to the GBP. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
EURUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, the EURUSD has been bearish and has moved below the recent horizontal channel support. Price continues to move within the bearish channel but the EURUSD is looking choppy and slightly indecisive. Selling opportunities could exist around the dynamic resistance of the moving averages and around the bearish channel resistance area. Price could stall or reverse around the identified horizontal levels at 1.0615 & 1.0710. The moving averages are bearish and are steady, suggesting that selling momentum may continue.
The future of the Euro is very unclear (not uncertain, just indecisive). Some economists are expecting a 1.0000 parity between the Euro and US Dollar. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
GBPUSD – 1 Hour Chart
The GBPUSD continues to be choppy and indecisive. The moving averages confirm the current indecision – they are crossing frequently and providing no clear trend direction. Trading opportunities could exist around the identified support and resistance areas and around the moving averages.
The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like as they leave the EU. This has given strength to the GBP. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
NZDUSD – 1 Hour Chart
Price is retracing some of the recent bearish move. The moving averages are bearish, signalling that the NZDUSD may soon attempt another bearish move. Shorting opportunities may exist around the bearish moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.7240, 0.7265 and 0.7285. There is a possibility that price could range within a horizontal channel at 0.7175-0.7225.
New Zealand’s economy continues to seem steady, though recent unemployment data was much worse than expected. The Reserve Bank of New Zealand have kept rates at 1.75%. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
USDCAD – 1 Hour Chart
As suggested in Friday’s chart analysis, price continues to retrace and has found support around the 61.8% Fib level. The USDCAD is moving within a bullish channel. The moving averages have crossed bearish, signalling that price may make a move to the bullish channel support area. Long opportunities could exist around the 61.8% Fib level and around the bullish channel support area.
Recent Canadian economic figures have been mixed. The most recent Rate announcement and BOC press conference did not provide any suggestion that there will be a rate hike any time soon. The appreciation of OIL has given some strength to the Canadian Dollar, so has positive employment data. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
USDCHF – 1 Hour Chart
As suggested in Friday’s chart analysis, the USDCHF has stalled around the bullish channel resistance area. The moving averages are bullish and are widening, suggesting that price could continue to move higher. Buying opportunities may exist around the dynamic support of the moving averages and around the bullish channel support area.
The US Federal Reserve increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. The Swing Franc may see added strength if political uncertainty in the US continues. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
USDJPY – 1 Hour Chart
Price was rejected around the shorter-term moving average and has moved higher (as suggested in Friday’s chart analysis). The moving averages are bullish and are widening, signalling that the USDJPY could continue to uptrend. Buying opportunities may exist around the bullish moving averages and around any of the key Fib levels.
The Bank of Japan have kept interest rates at a low of -0.10%. The Yen may see added strength if political uncertainty in the US continues. The US Federal Reserve recently increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. There is no major scheduled news during today’s trading sessions that will directly impact this pair.
XAUUSD – 1 Hour Chart
As suggested in Friday’s chart analysis, GOLD found support around the previous horizontal resistance at 1223.90 and has been bullish. The moving averages have crossed bearish and are widening, suggesting that price may become bearish or indecisive. GOLD may range within a horizontal channel at 1222.00-1242.50. Trading opportunities could exist around the horizontal levels and if price moves out of the potential range (break-out trade).
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