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


AUDUSD – 1 Hour Chart

AUDUSD - 11.08.2016

The AUDUSD was initially bullish during yesterday’s trading sessions and moved a lot higher. Price is now retracing the recent bullish move. The moving averages are bullish and are widening, suggesting that the upside move may continue. Buying opportunities could exist around the bullish moving averages and around the trend 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 Unemployment Claims data is set to be released at 1230 UTC.

EURGBP – 1 Hour Chart

EURGBP - 11.08.2016

The EURGBP continues to be very bullish and move higher. Price has formed an upwards channel and the moving averages continue to be very bullish, both suggesting that the upside move could continue. Buying opportunities could exist around the channel support and around the dynamic support of the moving averages. If price moves and closes below the channel support area, price could start a retracement of the recent swing higher. A selling opportunity could exist around the previous channel support (as resistance).

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. There is no major scheduled news today that will directly impact this currency pair.

EURUSD – 1 Hour Chart

EURUSD - 11.08.2016

As suggested in yesterday’s chart analysis, the moving averages crossed bullish and price moved higher during yesterday’s trading sessions. Price has formed a higher high and the bullish moving averages are widening, both suggesting that price could continue to move higher. Buying opportunities could exist around the bullish moving averages and around the trend support identified on the above chart. A bullish move could stall or reverse around the trend resistance area identified on the above chart.

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. US Unemployment Claims data is set to be released at 1230 UTC.

GBPUSD – 1 Hour Chart

GBPUSD - 11.08.2016

Price found resistance again around the previous consolidation support area and moved lower in yesterday’s trading sessions. The bearish moving averages continue to tighten and price seems to be struggling to move lower, both suggesting that price may attempt a move above the previous consolidation support/resistance area. From a technical view, there are very few areas that provide potential buying and selling opportunities.

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 Unemployment Claims data is set to be released at 1230 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 11.08.2016

As suggested in yesterday’s chart analysis, the NZDUSD found support around the shorter-term moving average and moved higher during yesterday’s trading sessions. As also suggested in yesterday’s chart analysis, the moving averages crossed bullish and are widening – meaning that the upwards move could continue in today’s trading sessions. Buying opportunities could exist around the trend support area and around the dynamic support 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. As expected, the Reserve Bank of New Zealand have lowered the official rate to 2.00%. The NZD gained strength and continues to seem steady even with this potential weakening news. US Unemployment Claims data is set to be released at 1230 UTC.

USDCAD – 1 Hour Chart

USDCAD - 11.08.2016

As suggested in yesterday’s chart analysis, the USDCAD tested the horizontal support at 1.3000 and moved higher during yesterday’s trading sessions. Price continues to be indecisive and move between the support around 1.3000 and the resistance at 1.3180. The moving averages confirm the indecision and lack of direction – they are crossing frequently and are providing no clear direction.

Positive US Employment related data has given strength to the US Dollar. US Unemployment Claims data is set to be released at 1230 UTC.

USDCHF – 1 Hour Chart

USDCHF - 11.08.2016

The USDCHF was bearish during yesterday’s trading sessions and has moved much lower. The moving averages have crossed bearish and price has moved and closed below the trend support area – all suggesting that price could continue to be bearish. If price is bullish before moving lower, selling opportunities could exist around the dynamic resistance of the moving averages and around the long-term trend resistance area.

Positive US Employment related data has given strength to the US Dollar. US Unemployment Claims data is set to be released at 1230 UTC.

USDJPY – 1 Hour Chart

USDJPY - 11.08.2016

As mentioned in yesterday’s chart analysis, price has formed a potential tightening consolidation pattern and is moving between the consolidation support and resistance. The moving averages have crossed bearish but this is likely to suggest indecision rather than predict a bearish move. Buying opportunities could exist if the consolidation support is tested and if price moves above the consolidation resistance. If price moves below the consolidation support, this area could act as resistance and provide some potential selling opportunities.

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. US Unemployment Claims data is set to be released at 1230 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 11.08.2016

GOLD continues to move within a tightening consolidation pattern (as suggested in yesterday’s chart analysis). The moving averages confirm the lack of direction – they are crossing frequently and are looking indecisive. Buying and selling opportunities could exist around the consolidation support and resistance areas.