Intraday Forex Analysis – 1 Hour Charts – September 01, 2016


AUDUSD – 1 Hour Chart

AUDUSD - 01.09.2016

As suggested in yesterday’s chart analysis, the AUDUSD initially moved lower during yesterday’s trading sessions and reversed bullish around the trend support area. The moving averages continue to be bearish and are showing little sign of weakening but price has closed above the shorter-term moving average and is looking bullish. There are mixed technical signals for the AUDUSD. If price is bearish in today’s trading sessions, the move may stall or reverse again around the trend support area. If price continues to be bullish, price could find resistance around the longer-term moving average.

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 Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

EURGBP – 1 Hour Chart

EURGBP - 01.09.2016

Price was bearish during yesterday’s trading sessions (as suggested in yesterday’s chart analysis). The bearish moving averages 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 and around the trend resistance area. A bearish move may stall or reverse around the trend support area.

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

EURUSD – 1 Hour Chart

EURUSD - 01.09.2016

Price action is looking a little indecisive and has formed a potential sideways channel. The moving averages are bearish but are tightening, suggesting that the swing lower may now be over and that price could start to retrace. If price is bullish during today’s trading sessions, selling opportunities could exist as price closes above the range resistance and around the longer-term moving average. If price is bearish during today’s trading sessions, selling opportunities could exist as price closes below the range support area. A bearish move could stall or reverse around the trend support area.

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 Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

GBPUSD – 1 Hour Chart

GBPUSD - 01.09.2016

As suggested in yesterday’s chart analysis, the GBPUSD broke to the upside of the tight sideways consolidation and reversed around the tightening consolidation resistance area. Price has since moved back to the consolidation resistance. The GBPUSD continues to look very indecisive and is lacking direction. The moving averages could cross bullish during today’s trading sessions, suggesting that an upside move could happen. Trading opportunities could exist off the consolidation support and resistance areas and if price closes out of the consolidation.

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. UK Manufacturing PMI is set to be released at 0830 UTC today. US Unemployment Claims data is set to be released at 1230 UTC. This is followed by US Manufacturing PMI data at 1400 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 01.09.2016

The NZDUSD was slightly bullish during yesterday’s trading sessions. Price has closed above both moving averages and the moving averages are tightening, suggesting that price could continue to be bullish during today’s trading sessions. A bullish move could stall or reverse around the previous trend support area (now resistance).

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 Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

USDCAD – 1 Hour Chart

USDCAD - 01.09.2016

The USDCAD continues to look very bullish, though price has started retracing a little. The moving averages are bullish and are showing little sign of weakening, suggesting that the upside move could continue. From a technical view, there are very few areas that could provide trading opportunities. If price continues to retrace during today’s trading sessions, buying opportunities could exist around the bullish 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 Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

USDCHF – 1 Hour Chart

USDCHF - 01.09.2016

The USDCHF continues to be very bullish. The moving averages are bullish but are starting to tighten, suggesting price could soon start retracing. From a technical view, there are very few areas that could provide trading opportunities. If price starts to retrace during today’s trading sessions, buying opportunities could exist around the bullish 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 Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

USDJPY – 1 Hour Chart

USDJPY - 01.09.2016

The USDJPY continues to be look bullish. The moving averages are bullish and are showing little sign of weakening, suggesting that the upside move could continue. From a technical view, there are very few areas that could provide trading opportunities. If price starts to retrace during today’s trading sessions, 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 Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 01.09.2016

GOLD continues to be very bearish and move lower. The bearish moving averages are starting to widen again, suggesting that price could attempt another swing lower. Selling opportunities could exist as the dynamic resistance of the moving averages is tested, around the trend/consolidation resistance area and if price closes below the trend/consolidation support area. A bearish move may stall or reverse around the trend/consolidation support area.