Intraday Forex Analysis – 1 Hour Charts – August 03, 2016


AUDUSD – 1 Hour Chart

AUDUSD - 03.08.2016

As suggested in yesterday’s chart analysis, the AUDUSD was bullish in yesterday’s trading sessions and reached the channel resistance area. Price has since retraced some of the bullish move and is nearing the moving averages. The bullish moving averages are tightening and looking more bearish, suggesting that price could move lower in today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages and around the upwards channel support area.

The Bank of Australia have decided to hold rates at the low of 1.50% – this as well as other poor economic data has contributed to some weakness in the Australian Dollar. As expected, the Fed hasn’t changed US rates but have kept them at the low rate 0.50% – this has contributed to some weakness in the US Dollar. US ADP Non-Farm Employment Change is set to be released at 1215 UTC today. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

EURGBP – 1 Hour Chart

EURGBP - 03.08.2016

The EURGBP was bearish in yesterday’s trading sessions but has found support around the trend support line identified in yesterday’s chart analysis. The moving averages are still bullish but are tightening, suggesting that price could move below the trend support area in today’s trading sessions. Buying opportunities could exist around the trend support area. Selling opportunities could exist if price closes below the trend support area. A bullish move could stall or reverse around the horizontal resistance at 0.8485.

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. UK Services PMI is set to be released at 0830 UTC today.

EURUSD – 1 Hour Chart

EURUSD 03.08.2016

As suggested in yesterday’s chart analysis, price closed above the tight range and has since moved higher. The EURUSD is now looking over-extended and could be due some sort of retracement. If price does start retracing in today’s trading sessions, buying opportunities could exist around the dynamic support of the moving averages and around the key Fib levels.

The future of the Euro is very unclear (not uncertain, just indecisive). As expected, the Fed hasn’t changed US rates but have kept them at the low rate of 0.50% – this has contributed to some weakness in the US Dollar. The EURUSD has been rallying since the Fed announcement and may now have some clear price direction. US ADP Non-Farm Employment Change is set to be released at 1215 UTC today. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

GBPUSD – 1 Hour Chart

GBPUSD - 03.08.2016

The GBPUSD closed above the recent consolidation area and has since moved higher. Price may make an initial bearish move back to the consolidation area before moving higher. Buying opportunities could exist around the previous horizontal resistance levels (now support) at 1.3270 and 1.3285, 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, 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 hasn’t changed US rates but have kept them at the low rate of 0.50%. UK Services PMI is set to be released at 0830 UTC today. US ADP Non-Farm Employment Change is set to be released at 1215 UTC. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 03.08.2016

The NZDUSD continues to be bullish and is currently retracing some of the recent swing higher. The moving averages are still bullish but are tightening, suggesting that buying momentum could be weakening. Buying opportunities could exist around the potential channel support area (identified on the above chart), around the dynamic support of the moving averages and around the trend support line. If price closes below the trend support area, price could start a longer-term move lower and become much more bearish.

The Fed recently didn’t change US bank rates but kept them at the low rate of 0.50% – this has contributed to some weakness in the US Dollar. The economy of New Zealand continues to seem steady. US ADP Non-Farm Employment Change is set to be released at 1215 UTC today. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

USDCAD – 1 Hour Chart

USDCAD - 03.08.2016

Price has closed above the trend resistance area and is closing strongly higher. The bearish moving averages are tightening and could cross bullish in today’s trading sessions, suggesting that price could be bullish in today’s trading sessions. If price is bullish, we could see price attempt a swing higher and test the horizontal resistance at 1.3240. Buying opportunities could exist around the dynamic support of the moving averages and around the previous trend resistance line (now support).

The Fed recently didn’t change US rates but kept them at the low rate of 0.50% – this has contributed to some weakness in the US Dollar. US ADP Non-Farm Employment Change is set to be released at 1215 UTC today. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

USDCHF – 1 Hour Chart

USDCHF - 03.08.2016

The USDCHF moved lower in yesterday’s trading sessions. Price is looking over-extended and the bearish moving averages are starting to tighten, suggesting that price could start a retracement and could be bullish in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the key Fib levels.

The Fed recently didn’t change US rates but kept them at the low rate of 0.50% – this has contributed to some weakness in the US Dollar. US ADP Non-Farm Employment Change is set to be released at 1215 UTC today. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

USDJPY – 1 Hour Chart

USDJPY - 03.08.2016

As predicted in yesterday’s chart analysis, price moved and closed below the tight range and was bearish until the trend support area was reached. The moving averages continue to be bearish, suggesting that price could still move lower. Price is looking a little over-extended though and may start to retrace in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages.

The Fed recently didn’t change US rates but kept them at the low rate of 0.50% – this has contributed to some weakness in the US Dollar. The recent Japanese Monetary Policy Statement and announcement from the BOJ has provided some strength to the Yen – most experts were expecting a greater stimulus package. US ADP Non-Farm Employment Change is set to be released at 1215 UTC today. This is followed by US ISM Non-Manufacturing PMI at 1400 UTC and US Crude Oil Inventories at 1430 UTC.

XAUUSD – 1 Hour Chart

GOLD - 03.08.2016

GOLD continued the bullish run in yesterday’s trading sessions. The moving averages continue to be bullish, suggesting that price could still move higher. Price could be due some sort of retracement. If price is initially bearish, buying opportunities could exist around the trend support lines identified on the above chart and around the dynamic support of the moving averages.