Intraday Forex Analysis – 1 Hour Charts – July 11, 2016


AUDUSD – 1 Hour Chart

AUDUSD 11.07.2016

Price closed above the potential consolidation (see Friday’s chart analysis) and is moving higher. The moving averages have crossed bullish and are widening, suggesting that the upside move could continue. Buying opportunities could exist if price pulls back to around the bullish moving averages or around the bullish trend line (currently sitting at 0.7460). Price could stall or reverse at the identified trend resistance line.

Due to the UK planning on 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. A political winner from the recent Australian election has been announced, this strengthened the AUD slightly. There is no major scheduled news today that impacts this currency pair.

EURGBP – 1 Hour Chart

EURGBP 11.07.2016

The EURGBP is currently retracing after a clear price swing higher. Price is currently finding horizontal support around 0.8500. If price moves and closes below this area, we could see the retracement move much lower and be bearish in today’s trading sessions. The bullish moving averages are tightening and starting to look bearish, suggesting that a move lower is likely. There is a minor trend resistance line (identified on the above chart). If price moves and closes above this resistance line, price may attempt another swing high.

Due to the UK planning on 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 longer-term. There is no major scheduled news today that impacts this currency pair.

EURUSD – 1 Hour Chart

EURUSD 11.07.2016

The moving averages are bearish but the price chart is looking a little choppy and indecisive. There is horizontal support at 1.1020 and horizontal resistance at 1.1165. Price may move between these areas and range (move sideways). Buying and selling opportunities could exist at price tests the potential range support and resistance. There is also a minor bearish channel. There may be a short-term selling opportunity around the channel resistance area but price may not reach the channel support due to the horizontal support at 1.1020.

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. There is no major scheduled news today that impacts this currency pair.

GBPUSD – 1 Hour Chart

GBPUSD 11.07.2016

The GBPUSD has been moving sideways and has had no clear short-term direction. Price is now nearing the trend resistance area – this may provide some direction and momentum to the GBPUSD. If the trend resistance holds, price could move lower and re-test the clear horizontal support at 1.2870. If price moves and closes above the trend resistance, price could start a bullish run and retrace some of the lose occurred because of Brexit. The bearish moving averages are tightening and looking more bullish, suggesting that an upside move could be more likely.

Due to the UK planning on leaving the EU, the USD has strengthened and the GBP continues to weaken. 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 GBPUSD to move lower. The Bank of England have suggested that a rate cut is likely to happen before the end of the year – this could depreciate the GBPUSD and we may see this pair continue to move lower. There is no major scheduled news today that impacts this currency pair.

NZDUSD – 1 Hour Chart

NZDUSD - 11.07.2016

The NZDUSD is looking bullish and has formed some clear upward trend support and resistance lines. Price could be bearish in today’s trading sessions, as price retraces some of the recent bullish run and comes off the trend resistance line.

Due to the UK planning on 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.  There is no major scheduled news today that impacts this currency pair.

USDCAD – 1 Hour Chart

USDCAD 11.07.2016

The USDCAD moved above the consolidation (see Friday’s chart analysis) and has been trending higher. The moving averages are bullish but they are suggesting that buying momentum is weakening – we could see price move lower before price attempts a swing higher. If price does move lower, there could be buying opportunities around the dynamic support of the moving averages and around the trend support line (identified on the above chart).

Due to the UK planning on 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. There is no major scheduled news today that impacts this currency pair.

USDCHF – 1 Hour Chart

USDCHF - 11.07.2016

The USDCHF moved above the consolidation (see Friday’s chart analysis) and has been trending higher. The moving averages are looking very bullish, suggesting that price could continue it’s bullish move in today’s trading sessions. If price pulls back before moving higher, there could be buying opportunities around the moving averages or around the trend support line (see above chart).

Due to the UK planning on 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. There is no major scheduled news today that impacts this currency pair.

USDJPY – 1 Hour Chart

USDJPY 11.07.2016

As identified in Friday’s chart analysis, the USDJPY found support at the horizontal support and has since moved higher. Price has moved and closed above the trend resistance line (see Friday’s chart analysis) and the bearish moving averages, suggesting that price could continue to be bullish. If price pulls back before attempting a move higher, there could be buying opportunities around the moving averages or around the trend support line (see the above chart).

Due to the UK planning on 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. There is no major scheduled news today that impacts this currency pair.

XAUUSD – 1 Hour Chart

XAUUSD 11.07.2016

GOLD attempted a swing higher but was rejected at the previous swing high. This has formed a horizontal resistance level at 1373.50. The bullish moving averages are tightening and are looking more bearish, suggesting that price could move lower in today’s trading and potentially form a double top price reversal pattern. If price is going to move higher in today’s trading sessions, there could be buying opportunities around the moving averages or around the horizontal support at 1341.00.

Due to the UK planning on 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.