Intraday Forex Analysis – 1 Hour Charts – July 28, 2016


AUDUSD – 1 Hour Chart

AUDUSD 28.07.2016

Price formed a clear support area in yesterday’s trading sessions and has since moved higher. Now price is currently testing and coming off the horizontal resistance at 0.7530. The moving averages have crossed bullish, suggesting that price could move above the horizontal resistance. Buying opportunities could exist around the dynamic support of the bullish moving averages, around the diagonal support line (identified on the above chart) and if price breaks the horizontal resistance 0.7530.

The recent release of Australian Monetary Policy Meeting minutes have influenced a sell-off of the Australian Dollar. This sell-off seems to becoming to an end but it could continue if more negative Australian economic news is released. As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. US Unemployment Claims are set to be released at 1230 UTC.

EURGBP – 1 Hour Chart

EURGBP 28.07.2016

Price continues to move within the consolidation pattern that was identified in yesterday’s chart analysis. The moving averages continue to be bullish and price is currently rallying – both suggesting that price could move above the consolidation resistance in today’s trading sessions. Buying opportunities could exist as price breaks the consolidation resistance and if price returns to the resistance as support.

Due to the UK planning on leaving the EU, there has been a strong GBP sell-off. The UK has appointed a new prime minister (Theresa May) and a new government has now been formed – this has provided some stability and strength to the GBP. The Bank of England haven’t cut rates as expected. The UK is now looking a lot more stable and I don’t expect any major sell-offs or volatility. The future of sterling is still a little uncertain though and most financial experts believe that the GBP will continue to weaken longer-term. The future of the Euro is very unclear. There is no major scheduled news today that will directly impact this currency pair.

EURUSD – 1 Hour Chart

EURUSD 28.072016

The EURUSD is currently moving higher and has closed above the recent trend resistance line. The moving averages have crossed bullish and are widening, suggesting that price could continue to move higher in today’s trading sessions. Buying opportunities could exist if price retraces to the dynamic support of the moving averages and around the horizontal resistance levels (now support) at 1.1040 and 1.1075.

The future of the Euro is very unclear (not uncertain, just indecisive). As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. The EURUSD has been rallying since the Fed announcement and may now have some clear price direction. US Unemployment Claims are set to be released at 1230 UTC.

GBPUSD – 1 Hour Chart

GBPUSD 28.07.2016

As mentioned in yesterday’s chart analysis, the GBPUSD is very indecisive and is consolidating. Price moved to the upside of the tight range in yesterday’s trading sessions and slightly rallied but stalled around the diagonal resistance line (identified in yesterday’s chart analysis). The GBPUSD is likely to continue to lack direction until price either moves above the horizontal resistance at 1.3285 or below the horizontal support at 1.3075.

Due to the UK planning on leaving the EU, there has been a strong GBP sell-off. The UK has appointed a new prime minister (Theresa May) and a new government has now been formed – this has provided some stability and strength to the GBP. The Bank of England haven’t cut rates as expected. The UK is now looking a lot more stable and I don’t expect any major sell-offs or volatility. The future of sterling is still a little uncertain though and most financial experts believe that the GBP will continue to weaken longer-term. As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. US Unemployment Claims are set to be released at 1230 UTC.

NZDUSD – 1 Hour Chart

NZDUSD 28.07.2016

As suggested in yesterday’s chart analysis, the NZDUSD was bullish in yesterday’s trading sessions and is retracing some of the recent bearish move. The bullish moving averages are widening, suggesting that the bullish move could continue for now. The bullish move could reverse bearish around the remaining Fib levels. Selling opportunities could exist around the Fib levels and if price moves below the moving averages.

Due to the correlation between AUD and NZD, The recent release of Australian Monetary Policy Meeting minutes have influenced a recent sell-off of the New Zealand Dollar. This sell-off seems to becoming to an end but it could continue if negative AUS or NZ economic news is released. As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. US Unemployment Claims are set to be released at 1230 UTC.

USDCAD – 1 Hour Chart

USDCAD 28.07.2016

As suggested in yesterday’s chart analysis, the USDCAD was looking over-extended and is currently retracing some of the recent bullish move. Price has moved and closed below the trend support line and the bullish moving averages are tightening – both suggesting that selling momentum is strengthening. Short-term selling opportunities could exist around the previous trend support area (now resistance) and around the dynamic resistance of the moving averages. A bearish move may reverse around the key Fib levels of 38.2%, 50.0% and 61.8%.

As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. US Unemployment Claims are set to be released at 1230 UTC.

USDCHF – 1 Hour Chart

USDCHF 28.07.2016

The USDCHF has completely reversed the recent bullish move and is now back at the horizontal support at 0.9845. The moving averages are still bullish but are looking more bearish. If the horizontal support and trend support hold, buying opportunities could exist as price moves higher. If price moves below the horizontal support, selling opportunities could exist as price closes below the support and if price tests the support area as resistance.

As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. US Unemployment Claims are set to be released at 1230 UTC.

USDJPY – 1 Hour Chart

USDJPY 28.07.2016

As suggested in yesterday’s chart analysis, price found resistance around the trend resistance area and has moved lower. The moving averages continue to be bearish, suggesting that price could continue to move lower in today’s trading sessions. The bearish move could stall or reverse around the horizontal support at 104.00. Selling opportunities could exist around the trend resistance area, the moving averages and if price moves below the 104.00 horizontal support.

As expected, the Fed didn’t change US rates but have kept them at the low rate 0.50%. US Unemployment Claims are set to be released at 1230 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 28.07.2016

Price moved out of the triangular consolidation identified in yesterday’s chart analysis and is moving higher. The moving averages have crossed bullish, suggesting that the bullish move could continue. Buying opportunities could exist around the horizontal support (previously resistance) at 1334 and around the dynamic support of the moving averages.