Intraday Forex Analysis – 1 Hour Charts – August 09, 2016

AUDUSD – 1 Hour Chart

The AUDUSD continues to find support around the dynamic support of the longer-term moving average. Price has formed a upwards but tightening consolidation and also formed a horizontal resistance at 0.7660. The moving averages continue to be bullish but they are starting to look a little more bearish. Buying opportunities could exist around the longer-term moving average and as price moves above the horizontal resistance.

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. There is no major scheduled news today that will have a direct impact on this currency pair.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average and moved much higher during yesterday’s trading sessions. The EURGBP is looking very bullish and continues to climb higher. The moving averages continue to be very bullish. From a technical view, there are very few areas that provide potential trading opportunities. A buying opportunity could exist if price pulls back to the dynamic support of the shorter-term moving average.

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. UK Manufacturing data is set to be released at 0830 UTC today.

EURUSD – 1 Hour Chart

The EURUSD has been very quiet since testing the 61.8% Fib level. The moving averages continue to look bearish and price is now nearing the shorter-term moving average. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area. A buying opportunity could exist if the 61.8% Fib level is tested again. If price moves and closes above the trend resistance area, price could attempt a bullish move to the recent swing high.

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 had been rallying since the Fed announcement but is currently retracing the bullish move after positive US employment related data. Price may now have some clear price direction. There is no major scheduled news today that will have a direct impact on this currency pair.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price found resistance around the previous diagonal support area and moved much lower during yesterday’s trading sessions. The GBPUSD continues to be very bearish. The moving averages are very bearish and show no sign of weakening. The bearish move is looking a little over-extended now though, suggesting that some extra buying momentum may enter the market. Selling opportunities could exist around the dynamic resistance of the moving averages.

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. UK Manufacturing data is set to be released at 0830 UTC today.

NZDUSD – 1 Hour Chart

The NZDUSD continues to form clear lower swing highs and lows and is currently starting a potential a move lower. The moving averages are bearish and are slightly widening, suggesting that the bearish move could continue. Selling opportunities could exist around the dynamic resistance of the moving averages.

Positive US Employment related data has given strength to the US Dollar. The economy of New Zealand continues to seem steady. There is no major scheduled news today that will have a direct impact on this currency pair.

USDCAD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD found support around the previous horizontal resistance at 1.3135 and moved higher during yesterday’s trading sessions. The moving averages have crossed bullish and are widening, suggesting that the bullish is likely to continue but price is currently struggling to move above the horizontal resistance around 1.3185. Buying opportunities could exist if price moves above the horizontal resistance level and around the dynamic support of the moving averages. If the bullish move continues to struggle against the horizontal resistance, there could be a selling opportunity.

Positive US Employment related data has given strength to the US Dollar. There is no major scheduled news today that will have a direct impact on this currency pair.

USDCHF – 1 Hour Chart

The USDCHF continues to be bullish and move higher. Price is now nearing the previous horizontal support area (now resistance) at 0.9845. The bullish move is likely to stall or reverse around this area. If it does, buying opportunities could exist as price returns to the moving averages and as price returns to the trend support area. A buying opportunity could also exist if price moves and closes above the horizontal resistance area in today’s trading sessions.

Positive US Employment related data has given strength to the US Dollar. There is no major scheduled news today that will have a direct impact on this currency pair.

USDJPY – 1 Hour Chart

As suggested in my chart analysis a few times, the USDJPY has now managed to reach the trend resistance area after being bullish for a number consecutive days. Selling opportunities could exist around the trend resistance area but the moving averages are bullish and are showing no sign of weakening, suggesting that price could yet move higher. If price moves and closes above the trend resistance area, price could become more bullish and move higher longer-term.

Positive US Employment related data has given strength to 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. There is no major scheduled news today that will have a direct impact on this currency pair.

XAUUSD – 1 Hour Chart

As mentioned in yesterday’s chart analysis, price is looking indecisive and lacking clear market direction. The moving averages are bearish and are widening, suggesting that GOLD could still move lower. Price has formed a potential triangular consolidation pattern, suggesting that price could continue to be indecisive and lack direction whilst moving between the consolidation support and consolidation resistance. There could be buying opportunities around the consolidation support in today’s trading sessions.

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