Intraday Forex Analysis – 1 Hour Charts – June 29, 2016


AUDUSD – 1 Hour Chart

AUDUSD 29.06.2016

As suggested in yesterday’s chart analysis, the AUDUSD moved lower but it was unable to test the support area around 0.7300-0.7320. Price is currently looking choppy and indecisive. The moving averages are providing no clear direction, confirming that price is currently hesitant and lacks one-sided momentum. Due to the lack of market direction, trading opportunities are very few. There could be buying or selling opportunities if price tests the support area around 0.7300-0.7330 in today’s trading sessions.

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 – possibly causing the AUDUSD to move lower. US Crude Oil Inventories is set to be released at 1430 UTC today. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

EURGBP – 1 Hour Chart

EURGBP 29.06.2016

The EURGBP has been retracing and is currently finding dynamic support at the shorter-term moving average (as mentioned in yesterday’s chart analysis). We could now see price rally and attempt a swing higher. If price closes below the moving average and retraces lower, buying opportunities may exist around the 38.2%, 50.0% & 61.8% Fib levels and around the longer-term moving average.

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. The EU Summit continues today. Announcements and speeches from this summit may create some extra movement on EUR pairs.

EURUSD – 1 Hour Chart

EURUSD 29.06.2016

The EURUSD has struggled to create a lower low and has formed a partial double bottom pattern. Price is now forming a potential tightening triangle consolidation price pattern. The bearish moving averages are tightening but are looking indecisive. Just as the AUDUSD, there could be very little trading opportunities in today’s trading sessions. One trading opportunity that could present itself though, would be the breakout of the current triangular consolidation.

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 lower. The EU Summit continues for a second day. Announcements and speeches from this summit may create some extra movement on EUR pairs. US Crude Oil Inventories is set to be released at 1430 UTC. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

GBPUSD – 1 Hour Chart

GBPUSD 29.06.2016

The GBPUSD continues to retrace but is currently moving sideways. If price continues to retrace before moving lower, there could be selling opportunities at the 38.2%, 50.0% & 61.8% Fib levels, as well as the longer-term moving average.

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 lower. US Crude Oil Inventories is set to be released at 1430 UTC. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

NZDUSD – 1 Hour Chart

NZDUSD 29.06.2016

The NZDUSD moved lower in yesterday’s trading sessions but it was unable to re-test the support area around 0.6970-0.6990. Price is currently looking choppy and indecisive. The moving averages are providing no clear direction, confirming that price is currently hesitant and lacks one-sided momentum. Due to the lack of market direction, trading opportunities are very few. There could be buying or selling opportunities if price tests the support area around 0.6970-0.6990 in today’s trading sessions.

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 – possibly causing the NZDUSD to move lower. US Crude Oil Inventories is set to be released at 1430 UTC today. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

USDCAD – 1 Hour Chart

USDCAD 29.06.2016

Just as a lot of USD pairs are looking choppy and indecisive, the USDCAD is not different. The moving averages are providing no clear direction and price is also lacking momentum. There could be a possible buying opportunity if the trend support line is tested (currently sitting at 1.3010).

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 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. US Crude Oil Inventories is set to be released at 1430 UTC today. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

USDCHF – 1 Hour Chart

USDCHF 29.06.2016

The USDCHF continued to move higher in yesterday’s trading sessions. Price has formed an upwards triangle pattern and the moving averages are looking bullish but price is looking a little over-extended – I would be slightly hesitant to go long USDCHF but would ideally wait for a further and deeper retracement first. If there is a retracement, buying opportunities could exist around the longer-term moving average and around the previous resistance (now support) at 0.9630.

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 Crude Oil Inventories is set to be released at 1430 UTC today. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

USDJPY – 1 Hour Chart

USDJPY 29.06.2016

As predicted in yesterday’s chart analysis, the USDJPY closed above the horizontal channel and moved higher. Like other USD pairs, the USDJPY is consolidating, but we have some direction from the moving averages. The bearish moving averages are tightening and becoming more bullish, suggesting that price could break to the upside of the consolidation and move higher in today’s trading. There could be buying opportunities at the break of the consolidation pattern or around the dynamic support of the moving averages. If price does move higher, price could stall or reverse around 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.  US Crude Oil Inventories is set to be released at 1430 UTC today. This event is unlikely to bring any long-term direction to the market but it may provide some volatility.

XAUUSD – 1 Hour Chart

XAUUSD 29.06.2016

GOLD has formed a double-top price pattern (as mentioned in yesterday’s chart analysis) and is retracing. Price is now in the very early stages of forming a potential downwards channel. Selling opportunities could exist if we test the channel resistance (currently sitting at 1328) but the longer-term trend is up. Buying opportunities may present themselves around the longer-term moving average.

Due to the UK leaving the EU, the markets are very uncertain. 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 may help GOLD continue to move higher.