Intraday Forex Analysis – 1 Hour Charts – August 05, 2016


AUDUSD – 1 Hour Chart

AUDUSD 05.08.2016

As suggested in yesterday’s chart analysis, the AUDUSD found support around the shorter-term bullish moving average and has since moved higher. Price is now reaching the channel/consolidation resistance area and may stall or reverse bearish. If price is bearish in today’s trading sessions, buying opportunities could exist around the dynamic support of the moving averages, around the consolidation support area and around the 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 Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

EURGBP – 1 Hour Chart

EURGBP 05.08.2016

The EURGBP was very bullish during yesterday’s trading sessions and price managed to close higher than the previous swing high. The moving averages are bearish but they are tightening, suggesting that price could move higher in today’s trading sessions. From a technical view, there are very few areas that could provide potential buying opportunities.

As expected, the Bank of England have cut rates and have also increased their QE program. This has provided weakness for the GBP. Most experts believe that the GBP will continue to weaken long-term. The future of the Euro is very unclear at this point.

EURUSD – 1 Hour Chart

EURUSD 05.08.2016

As suggested in yesterday’s chart analysis, the EURUSD found support around the 38.2% Fib level and the bearish retracement has currently come to a stop. The moving averages have crossed bearish and price has formed a potential head and shoulder pattern, both suggesting that price could be bearish in today’s trading sessions and potentially move lower. A bearish move could stall or reverse around the 38.2%, 50.0% and 61.8% 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 Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

GBPUSD – 1 Hour Chart

GBPUSD 05.08.2016

The GBPUSD was very bearish during yesterday’s trading sessions. Price has re-entered the previous consolidation area and is nearing the horizontal and diagonal support area around 1.3075-1.3100. The moving averages have crossed bearish, suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages and if price moves below the support area.

The Bank of England have cut rates as expected and have also increased their QE program. This has provided weakness for the GBP. Most experts believe that the GBP will continue to weaken long-term. US Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

NZDUSD – 1 Hour Chart

NZDUSD - 05.08.2016

Price has formed the 2nd shoulder of the head and shoulder price pattern that was identified in yesterday’s chart analysis. The moving averages have crossed bearish, suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist as price completes the head and should pattern and if price moves below the bearish moving averages.

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 Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

USDCAD – 1 Hour Chart

USDCAD - 05.08.2016

The USDCAD continues to look indecisive and is currently lacking direction. The moving averages have crossed to often to provide any clear direction. Price has formed a potential downwards channel and is currently moving away from the channel support area. Selling opportunities could exist around the dynamic resistance of the moving averages and around the potential channel resistance area.

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 Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

USDCHF – 1 Hour Chart

USDCHF 05.08.2016

The USDCHF is currently moving in a general sideways direction after finding resistance around the 38.2% Fib level. The moving averages have crossed bullish but the overall trend is down. Just like many pairs, the USDCHF is looking a little indecisive and lacking price direction. Buying opportunities could exist around the dynamic support of the bullish moving averages. Selling opportunities could exist around the 38.2%, 50.0% and 61.8% 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 Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

USDJPY – 1 Hour Chart

USDJPY - 05.08.2016

The USDJPY is currently moving in a general sideways direction. The bearish moving averages are tightening and looking more bullish, suggesting that price could move higher in today’s trading sessions. If price does become bullish, it is likely to attempt a move towards the trend resistance area identified on the above chart.

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 Non-Farm Employment Change data is set to be released at 1230 UTC today. This event is likely to cause a lot of volatility and market movement. US Average Earnings and Unemployment Rate data is set to be released at the same time.

XAUUSD – 1 Hour Chart

GOLD - 05.08.2016

GOLD found support around the shorter-term moving average during yesterday’s trading sessions and has since moved higher. The moving averages are tightening but they continue to be bullish. Price is nearing a horizontal resistance area at 1366.50. Buying opportunities could exist if price moves and closed above the horizontal resistance area and around the dynamic support of the moving averages.