Intraday Forex Analysis – 1 Hour Charts – July 01, 2016


AUDUSD – 1 Hour Chart

AUDUSD 01.07.2016

As suggested in yesterday’s chart analysis, the AUDUSD has been moving higher since the bullish cross of the moving averages. Price also found support at the shorter-term moving average. The bullish moving averages continue to widen, suggesting that the bullish move may continue. Potential buying opportunities may exist if price pulls back to the bullish moving averages and around the potential trend support line (currently sitting at 0.7425).

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 Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

EURGBP – 1 Hour Chart

EURGBP 01.07.2016

The EURGBP moved higher in yesterday’s trading sessions and was able to create a slightly higher swing high. The moving averages have crossed bearish, suggesting that the buying momentum is weakening. Price has formed a clear horizontal resistance at 0.8365 and a potential horizontal support at 0.8205. We may see price consolidate between these levels.  Possible selling opportunities may present themselves around the horizontal resistance level. Possible buying opportunities may exist around the horizontal support level and if price closes above the horizontal resistance level.

Due to the UK leaving the EU, there has been a strong GBP sell-off. The Bank of England have suggested that a rate cut is likely to happen before the end of the year – this could give strength to the EURGBP and we may see this pair continue to move higher. UK Manufacturing PMI is set to be released at 0830 UTC. If negative figures are released for the UK, we could see a strong Sterling sell-off – negative news could build confidence in the possibility of the UK entering recession.

EURUSD – 1 Hour Chart

EURUSD 01.07.2016

The EURUSD found support at the trend support line identified in yesterday’s chart analysis. The moving averages have crossed bullish, suggesting that price may continue in the upwards channel or even break to the upside of the channel. Buying opportunities could exist around the longer-term moving average and around the trend support line.

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 EURUSD to move lower. US Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

GBPUSD – 1 Hour Chart

GBPUSD - 01.07.2016

As predicted in yesterday’s chart analysis, price moved below the trend support line and has lower. The moving averages have crossed bullish but price has formed a tightening triangle pattern. There could be selling opportunities if price moves below the pattern support area. There could be buying opportunities if price moves above the bullish moving averages and if price moves above the triangle resistance area.

Due to the UK leaving the EU, there has been a strong GBP sell-off. The Bank of England have suggested that a rate cut is likely to happen before the end of the year – this could provide greater selling momentum, moving the GBPUSD lower. UK Manufacturing PMI is set to be released at 0830 UTC. If negative figures are released for the UK, we could see a strong Sterling sell-off – negative news could build confidence in the possibility of the UK entering recession. US Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

NZDUSD – 1 Hour Chart

NZDUSD 01.07.2016

As suggested in yesterday’s chart analysis, the NZDUSD has been moving higher since the bullish cross of the moving averages. The bullish moving averages continue to widen, suggesting that the bullish move may continue. Potential buying opportunities may exist if price pulls back to the bullish moving averages and around the potential trend support line (currently sitting at 0.7120).

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 Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

USDCAD – 1 Hour Chart

USDCAD 01.07.2016

As suggested in yesterday’s chart analysis, the USDCAD moved lower as the moving averages crossed bearish. Price has formed a trend resistance line (currently sitting at 1.2985) and a bearish trend support line. The bearish moving averages continue to widen, suggesting that price may stay bearish and that the trend resistance line will hold. Selling opportunities may exist around either of the bearish moving averages and around the trend resistance line.

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.  US Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

USDCHF – 1 Hour Chart

USDCHF 01.07.2016

As predicted in yesterday’s chart analysis, the USDCHF was looking over-extended and was due a bearish move – this has now happened. The bullish moving averages are tightening and could cross bearish in today’s trading sessions. Overall, price is looking choppy – the USDCHF may not provide many clear technical based trades 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 USDCHF to move higher. US Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

USDJPY – 1 Hour Chart

USDJPY 01.07.2016

As mentioned in yesterday’s chart analysis, the USDJPY has found support around the moving averages and at the trend support line. The moving averages are still bullish but they are no longer widening. The trend support line has also been tested so many times, it is likely to break. It is likely that price may be bearish in today’s trading. Selling opportunities could exist as price moves below the trend support line.

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 Manufacturing PMI is set to be released at 1400 UTC. Traders and investors are not optimistic that the US will raise interest rates again this year (some economists even predicting a cut). If a string of positive US economic news is released, we could see the USD strengthen greatly, as a rate hike will become a lot more likely.

XAUUSD – 1 Hour Chart

XAUUSD 01.07.2016

GOLD is currently attempting a move higher. The bearish moving averages suggest that price could continue to move higher – they are tightening and are about to cross bullish. Buying opportunities could exist around the moving averages and around the trend support line (currently sitting at 1318).

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.