Intraday Forex Analysis – 1 Hour Charts – June 27, 2016


AUDUSD – 1 Hour Chart

AUDUSD 27.06.2016

The AUDUSD retracement found dynamic resistance at one of the moving averages (identified in Friday’s analysis) and is currently moving towards the previous swing low. The bullish moving averages are tightening and looking more bearish, suggesting that the downside move may continue. If price does continue to move lower, I don’t expect price to create a lower low. There is clear horizontal support and psychological level at 0.7300 and after the moves on the 23rd June, price is looking slightly exhausted.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors could continue to buy safe heaven financial assets like the Japanese Yen, the US Dollar and GOLD.

EURGBP – 1 Hour Chart

EURGBP 27.06.2016

The EURGBP has moved strongly higher after finding support at Friday’s identified horizontal support level (see Friday’s chart analysis). The moving averages are bullish, suggesting that the longer-term upside move continue. Buying opportunities may exist if the support level is tested again (0.7980) and around the bullish 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 the Euro and Sterling – both currencies are weak, creating a possible hesitant currency pair.

EURUSD – 1 Hour Chart

EURUSD 27.06.2016

The EURUSD retracement found resistance at the 50.0% Fibonacci level (identified in Friday’s analysis) and is currently moving towards the previous swing low. The moving averages are widening and looking bearish, suggesting that the downside move may continue. Price action may create some selling opportunities around the bearish moving averages.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors could continue to buy safe heaven financial assets like the Japanese Yen, the US Dollar and GOLD. There is a lot of financial concern for the Euro. Over coming days, weeks, and possibly months, we may see the EURUSD move much lower.

GBPUSD – 1 Hour Chart

GBPUSD 27.06.2016

The GBPUSD retracement found resistance at the 38.2% Fibonacci level (identified in Friday’s analysis) and is currently testing the previous swing low. The moving averages are widening and looking bearish, suggesting that the downside move is likely to continue and we could see the GBPUSD create a lower low in today’s trading session. Price action may create some selling opportunities around the bearish moving averages and if the 38.2% Fib level is tested again.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors could continue to buy safe heaven financial assets like the Japanese Yen, the US Dollar and GOLD. There is a lot of financial concern for Sterling. Over coming days, weeks ad possibly months, we may see the GBPUSD move much lower.

NZDUSD – 1 Hour Chart

NZDUSD 27.06.2016

The NZDUSD retracement found dynamic resistance at the moving averages (identified in Friday’s analysis) and is currently moving towards the previous swing low. The moving averages have crossed bearish, suggesting that a downside move may continue. If price does continue to move lower, there may be a lot of support and hesitation as the NZDUSD attempts to make a lower low. There is clear horizontal support at 0.6970 and after the moves on the 23rd June, price is looking slightly exhausted. Selling opportunities may exist around the bearish moving averages.

Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors could continue to buy safe heaven financial assets like the Japanese Yen, the US Dollar and GOLD. New Zealand’s economic future is currently looking positive though, so we may see the NZDUSD move higher. If not, it is likely that any downside move may not be as strong as other ***USD pairs.

USDCAD – 1 Hour Chart

USDCAD 27.06.2016

The USDCAD has closed above the horizontal resistance at 1.3055 and has pushed a little higher. The bullish moving averages are widening, suggesting that bullish momentum could continue. Buying opportunities could exist at the previous horizontal resistance (now support) around 1.3055 and around 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. If the OIL markets continue to appreciate though, we could see the CAD strengthen. This may cause a slightly hesitant and indecisive USDCAD. From a fundamental view, the EURUSD and GBPUSD may provide greater market swings and clearer market direction.

USDCHF – 1 Hour Chart

USDCHF 27.06.2016

The USDCHF has formed a large double bottom pattern and is currently looking bullish. The bullish moving averages are widening, suggesting that the longer-term bullish move may continue. Buying opportunities could exist if price moves back to the previous resistance (now support) at 0.9630 and around the bullish moving averages. Price has also formed a potential upwards channel. There could be buying opportunities as price reaches the potential channel support lines.

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.

USDJPY – 1 Hour Chart

USDJPY 27.06.2016

The USDJPY has moved lower and is currently retracing. The bearish moving averages are widening, suggesting that the longer-term bearish move may continue. Selling opportunities could exist as price retraces to the moving averages and at the previous horizontal support (now resistance) at 103.70.

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.

XAUUSD – 1 Hour Chart

XAUUSD 27.06.2016

GOLD was retracing but is currently attempting to move higher. The bullish moving averages are widening, suggesting that the longer-term bullish move may continue. Buying opportunities could exist if price retraces back to the moving averages. It is possible that we may see GOLD form a double-top and move lower.