Intraday Forex Analysis – 1 Hour Chart Analysis – June 13, 2016


AUDUSD – 1 Hour Chart

AUDUSD - 1 Hour Analysis

The AUDUSD is in a retracement phase after the major swing higher. The recent bearish moving average cross could indicate that we may still move lower before attempting a move higher. Possible buying opportunities exist at the 50% fib retracement level (0.7350), this is also a potential psychological buying level. If there is heavy selling on the AUDUSD, there could be possible buying opportunities as we hit the trend support area at 0.7280-0.7320.

Following the very poor non farm payrolls figure at the beginning of the month, we may see some big moves higher on AUDUSD (if negative USD economic news continues to be released – indicating that a rise in interest rates is not in the near future).

EURGBP – 1 Hour Chart

EURGBP - 1 Hour Analysis

The EURGBP continues to push higher – today forming highs not seen since early May. The market may present buying opportunities as we near the previous resistance (now support) at 0.7900. Depending on the time it takes to reach this level, there may also by potential moving average dynamic support off the 50 and 100 MA’s, as well as potential trend support.

The GBP continues to weaken as Brexit uncertainty looms. If poll results continue to suggest a possibility of the UK leaving the EU, we may see EURGBP continue to move higher as the GBP weakens.

EURUSD – 1 Hour Chart

EURUSD - 1 Hour Chart Analysis 3

The market has been trying to reverse the impact of non farm payrolls since 09/06/2016. Price has closed passed any potential Fibonacci support levels and the bearish moving averages continue to widen, suggesting that the EURUSD sell-off may continue – at least until the previous resistance (now support) at 1.1200. There is also potential trend support at the 1.1200 area, this is also a possible psychological support level.

Following the very poor non farm payrolls figure at the beginning of the month, we may see some big moves higher on EURUSD, if negative USD economic news is released. Unlike the AUDUSD though, Brexit weighs on the euro and we may not see such strong bullish moves.

GBPUSD – 1 Hour Chart

GBPUSD - 1 Hour Analysis

The GBPUSD continues to be bearish and has already provided so many short selling opportunities. The recent bearish move is now looking a little over-extended and there could now be a possible retracement. Selling opportunities could form at any of the fib levels (1.4300, 1.4360 & 1.4410).

Pound sterling weakness is heavily due to the uncertainty of the EU referendum. If poll results continue to suggest a possibility of the UK leaving the EU, we may see GBP pairs continue to move lower. If polls start suggesting that staying in the EU is more certain, then GBP will likely start a strong rally.

NZDUSD – 1 Hour Chart

NZDUSD - 1 Hour chart analysis

NZDUSD is in a clear and confirmed uptrend. Price is currently finding support at the bullish trend line and the 100 MA. This pair is currently presenting clear buying opportunities, though the moving averages are tightening, suggesting that the bullish momentum may be tiring.

Following the very poor non farm payrolls figure at the beginning of the month and the positive New Zealand dollar interest rate release, we may see some big moves higher on NZDUSD. From a fundamental view, this chart and pair is of high interest.

USDCAD – 1 Hour Chart

USDCAD - 1 Hour chart analysis

The USDCAD is retracing after the recent move lower. Price has yet to reach any significant fib levels and we have just seen a bullish moving average cross – both suggesting that price may continue to move higher before moving lower. There may be possible short-term buying opportunities as price retraces and longer-term short selling opportunities as we reach fib levels and as the bullish moving averages tighten.

Following the very poor non farm payrolls figure at the beginning of the month, we may see some moves lower on USDCAD. With recent positive economic figures from Canada and the partial recovery in the oil markets, the Canadian dollar is set to strengthen. Taking all of this into consideration, the USDCAD may present some very profitable selling opportunities.

USDCHF – 1 Hour Chart

USDCHF - 1 Hour Analysis

From a technical view, the USDCHF is in a very similar situation to the USDCAD. Price has yet to reach any significant fib levels and we have just seen a bullish moving average cross – suggesting that price may continue to move higher before moving lower.

If poor economic data continues to be released from the US, this pair is likely to move lower.

USDJPY – 1 Hour Chart

 

USDJPY - 1 Hour Chart analysis

Price action on USDJPY has created some interesting technical levels of possible short selling opportunity. Price is currently testing previous support (now potential resistance) at 106.30. If the resistance does not hold, the next potential reversal area is the bearish trend line at 106.80-107.00.

If poor economic data continues to be released from the US, this pair is likely to move lower.

XAUUSD – 1 Hour Chart

XAUUSD - 1 Hour Chart Analysis

GOLD continues to move higher and is showing strong signs of buying momentum. The rally continues but is looking over-extended. If price is going to move higher, there may be good opportunities to go long as we test the trend line support at the 1280.00 area. With such a strong move higher, expect a strong retracement. If price starts closing below recent minor swing lows, there might be opportunity to short sell GOLD and profit from a potential strong retracement lower.