Intraday Forex Analysis – 1 Hour Charts – August 30, 2016


AUDUSD – 1 Hour Chart

AUDUSD - 30.08.2016

The AUDUSD was bullish during yesterday’s trading sessions and retraced some of the recent bearish move. The moving averages are still bearish and are widening, suggesting that price could still move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous trend support area (now resistance) and around the 38.2% and 50.0% Fib levels. A bearish move could stall or reverse around the trend support area identified on the above chart.

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.The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 30.08.2016

As suggested in yesterday’s chart analysis, the EURGBP was bullish in yesterday’s trading sessions and closed above the trend resistance area. Price has now formed a tightening triangular consolidation pattern. The moving averages confirm the lack of price direction – they are indecisive and crossing frequently. Trading opportunities could exist as price breaks-out of the consolidation pattern. A rally after a break to the upside may stall or reverse around the horizontal resistance at 0.8565.

Very strong UK CPI data has cleared some doubt about the future of the British economy. Though leaving the EU looms, the GBP has been gaining back some ground but 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 pair.

EURUSD – 1 Hour Chart

EURUSD - 30.08.2016

The EURUSD continues to move lower and be very bearish. The moving averages are also very bearish and are widening, suggesting that price could still move lower. If price starts retracing in today’s trading sessions, selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal support turned resistance at 1.1245.

The future of the Euro is very unclear (not uncertain, just indecisive). US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 30.08.2016

The GBPUSD continued to be bearish in yesterday’s trading sessions. Price is now around a potential support area but the moving averages are bearish and are widening, suggesting that price could continue to move lower. If price is bullish before attempting another move lower, selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area. A selling opportunity could also exist if price closes below the support area.

The Bank of England have cut rates as expected and have also increased their QE program. This initially caused weakness for the GBP but very strong UK CPI data has cleared some doubt about the future of the British economy. Most experts still believe that the GBP will continue to weaken long-term though. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 30.08.2016

As suggested in yesterday’s chart analysis, the NZDUSD found resistance around the previous trend support area and is currently bearish. The moving averages are bearish and are widening, suggesting that price could move lower in today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous trend support area (now resistance) and if price closes below the horizontal support at 0.7210. A bearish move could stall or reverse around the horizontal support area.

The economy of New Zealand continues to seem steady. As expected, the Reserve Bank of New Zealand lowered the official rate to 2.00%. The NZD gained strength and continues to seem steady even with this potential weakening rate news. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 30.08.2016

Price steadily moved higher during yesterday’s trading sessions.  The moving averages are still very bullish and are widening, suggesting that price could still move higher. Price is currently struggling to close higher though and is forming a horizontal resistance. If price is bearish during today’s trading sessions, buying opportunities could exist around the dynamic support of the moving averages and around the horizontal resistance turned support at 1.2960.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 30.08.2016

The USDCHF continued it’s bullish move during yesterday’s trading sessions. The moving averages continue to be very bullish and are widening but price is looking a little over-extended, suggesting that price could start to retrace. It price does retrace, buying opportunities could exist around the dynamic support of the moving averages and around any of the key Fib levels.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 30.08.2016

The USDJPY started retracing during yesterday’s trading sessions but found support around the 23.6% Fib level. The moving averages are very bullish and are widening, suggesting that price could still move higher. If price retraces again before attempting a move higher, buying opportunities could exist around the bullish moving averages and around any of the key Fib levels.

The most recent Japanese Monetary Policy Statement and announcement from the BOJ has provided some strength to the Yen – most experts were expecting a much greater stimulus package. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. This has given great strength to the US Dollar. US Consumer Confidence data is set to be released at 1400 UTC today.

XAUUSD – 1 Hour Chart

GOLD - 30.08.2016

GOLD retraced some of the recent bearish move during yesterday’s trading sessions. The moving averages continue to be bearish but are starting to tighten, suggesting that selling momentum is weakening and that price may start a bullish move. Selling opportunities could exist around the dynamic resistance of the longer-term moving average and around the trend resistance area.