Intraday Forex Analysis – 1 Hour Charts – June 24, 2016


AUDUSD – 1 Hour Chart

AUDUSD 24.06.2016

The AUDUSD has moved lower but is currently finding support at 0.7300. If price continues to find support and retrace some of the recent bearish move, there could be selling opportunities at any of the key fib levels (23.6%, 38.2%, 50% & 61.8%), the moving averages, and if price closes below the horizontal support at 0.7300. The bullish moving averages are tightening and looking more bearish, suggesting that a downside move is likely to continue.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. This could bring the AUDUSD lower over coming days and weeks. US Core Durable Goods Orders are set to be released at 1230 UTC today.

EURGBP – 1 Hour Chart

EURGBP 24.06

In yesterday’s trading sessions, the identified trend channel resistance held (please see yesterday’s chart analysis) but price has since moved much higher. The moving averages have crossed bullish, suggesting that the longer-term upside move continue. Buying opportunities as price retraces may exist around the previous resistance (now support) at 0.7980, around any of the key fib levels (23.6%, 38.2%, 50% & 61.8%) and at the moving averages.

Due to the UK leaving the EU, there has been a strong GBP sell-off. The EUR has also been weakening and there is currently a lot of uncertainty over the future of both the EUR and GBP. This may cause hesitation on the EURGBP and price may not swing as strongly as other EUR and GBP pairs.

EURUSD – 1 Hour Chart

EURUSD 24.06.2016

The EURUSD has moved lower but is currently retracing. If price continues to retrace the recent bearish move, there could be selling opportunities around any of the key fib levels (23.6% 38.2%, 50% & 61.8%), the moving averages, and around the previous support level at 1.1140. The moving averages have crossed bearish, suggesting that downside momentum may continue.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. The referendum result also brings much uncertainty for the EUR. This combination of a strengthening USD and uncertain EUR could bring some large downside moves on the EURUSD. US Core Durable Goods Orders are set to be released at 1230 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD 24.06.2016

As identified in yesterday’s chart analysis the GBPUSD found support at the trend line support but has since moved much lower. Price is currently retracing some of the large bearish move, if this retracement continues, there could be selling opportunities at any of the key fib levels (38.2%, 50% & 61.8%) and around the moving averages. The moving averages have crossed bearish, suggesting that the downside momentum is likely to continue..

Due to the UK leaving the EU, the USD has strengthened and the GBP has weakened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD, and they may continue to sell Sterling. This could bring the GBPUSD lower over coming days and weeks. US Core Durable Goods Orders are set to be released at 1230 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD 24.06.2016

The NZDUSD has moved lower but is currently finding support at 0.6970. If price continues to find support and retrace some of the recent bearish move, there could be selling opportunities at any of the key fib levels (23.6%, 38.2%, 50% & 61.8%), the moving averages, and if price closes below the horizontal support at 0.6970. The bullish moving averages are tightening and looking more bearish, suggesting that a downside move is likely to continue.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. This could bring the NZDUSD lower over coming days and weeks. US Core Durable Goods Orders are set to be released at 1230 UTC today.

USDCAD – 1 Hour Chart

USDCAD 24.06.2016

As predicted in this week’s chart analysis, the USDCAD has struggled to swing lower and has made a large double bottom price pattern. Price has formed a horizontal resistance at 1.3055 and is currently retracing. The moving averages have crossed bullish, suggesting that bullish momentum could continue. Buying opportunities could exist as price moves above the resistance at 1.3055 and if price retraces to the bullish moving averages.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. This could help the USDCAD move higher over coming days and weeks. Though, if the OIL markets continue to appreciate, we could see the CAD strengthen, causing a slightly hesitant and indecisive USDCAD. US Core Durable Goods Orders are set to be released at 1230 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 24.06.2016

The USDCHF has moved higher and continues to be bullish. The moving averages are about to cross bullish, suggesting that the longer-term bullish move may continue. Buying opportunities could exist as price moves back to the previous resistance (now support) at 0.9630 and around the moving averages.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. This could help the USDCHF move higher over coming days and weeks. US Core Durable Goods Orders are set to be released at 1230 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 24.06.2016

The USDJPY has moved lower and is currently retracing. The moving averages are tightening, suggesting that the longer-term bullish move may continue. Selling opportunities could exist as price retraces to the moving averages, the previous support (now resistance) at 103.70 and around the 50.0% (102.90) and 61.8% (103.70) fib levels.

Due to the UK leaving the EU, the JPY has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. This could cause some hesitation and indecision on the USDJPY, as the USD and JPY is being bought. US Core Durable Goods Orders are set to be released at 1230 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD24.06.2016

GOLD has moved higher and is currently retracing. The bearish moving averages are tightening, suggesting that the longer-term bullish move may continue. Buying opportunities could exist as price moves to the moving averages and at the 50% and 61.8% fib levels.