Intraday Forex Analysis – 1 Hour Charts – September 06, 2016


AUDUSD – 1 Hour Chart

AUDUSD - 06.09.2016

The AUDUSD was very bullish during yesterday’s trading sessions. Price is currently finding resistance around the previous trend support area identified on the above chart. The moving averages are bullish and are widening, suggesting that the upwards price action could continue. If price pulls back during today’s trading sessions, buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and if price moves above the trend support turned resistance/

The Bank of Australia have decided again to hold rates at the low of 1.50%.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 Non-Manufacturing data is set to be released at 1400 UTC today. There is also an Australian GDP announcement at 0130 UTC.

EURGBP – 1 Hour Chart

EURGBP - 06.09.2016

As suggested in yesterday’s chart analysis, the EURGBP found resistance at the consolidation/trend resistance and moved lower during yesterday’s trading sessions. Price is currently testing the resistance area again. The moving averages continue to be very bearish but they are beginning to tighten, suggesting that the trend resistance may not hold too much longer and that price may soon attempt a bullish move. If price does attempt a bullish move during today’s trading sessions, selling opportunities could exist around the dynamic resistance of the bearish moving averages.

Very strong UK CPI data has cleared some doubt about the future of the British economy. Very strong manufacturing data has also been released. This is mainly due to the cheaper sterling boosting exports. 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. US Non-Manufacturing data is set to be released at 1400 UTC today.

EURUSD – 1 Hour Chart

EURUSD - 06.09.2016

The EURUSD continues to consolidate between a tightening support and resistance. The moving averages are providing no clear direction, confirming the indecision in the market. Break-out trading opportunities could exist as price moves out of the consolidation pattern. A break to the downside followed by a bearish move may stall or reverse around the horizontal support at 1.1130.

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 Non-Manufacturing data is set to be released at 1400 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 06.09.2016

Price continues to be bullish and recently found support around the shorter-term moving average. The moving averages also continue to be bullish but they are beginning to tighten, suggesting that the buying momentum could be weakening and that price could attempt a bearish move. If price is bearish, buying opportunities could exist around the dynamic support of the moving averages and around the horizontal support at 1.3260.

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. Very strong manufacturing data has also been released. This is mainly due to the cheaper sterling boosting exports. 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 Non-Manufacturing data is set to be released at 1400 UTC today.

NZDUSD – 1 Hour Chart

NZDUSD - 06.09.2016

The NZDUSD has been bullish the last few trading days, but overall price is choppy and has a sideways direction. The moving averages are strongly bullish though, suggesting that price may attempt a move out of the sideways consolidation. Buying opportunities could exist around the dynamic support of the moving averages and if price moves above the horizontal resistance at 0.7355. A bullish move may stall or reverse around the diagonal resistance area identified on the above chart.

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 Non-Manufacturing data is set to be released at 1400 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 06.09.2016

Price continues to retrace the recent bullish move but is currently finding support around the 1.2910 area. The moving averages are bearish and are widening though, suggesting that price could yet move lower. Selling opportunities could exist as price moves below the horizontal support, around the bearish moving averages and around the trend resistance area.

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. Very positive Canadian economic figures are giving strength to the Canadian dollar. US Non-Manufacturing data is set to be released at 1400 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 06.09.2016

As suggested in yesterday’s chart analysis, the USDCHF was initially bearish during yesterday’s trading sessions and reversed around the trend support area. Price is now consolidating between the horizontal resistance at 0.9810 and the trend support area. The moving averages are lacking direction – they are moving sideways. Buying opportunities could exist around the trend support area and as price moves above the horizontal resistance. A selling opportunity could exist if price moves below the trend support area.

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 Non-Manufacturing data is set to be released at 1400 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 06.09.2016

The USDJPY is looking indecisive and lacking direction. The moving averages are bullish but are tightening and almost moving sideways – confirming the lack of price momentum. Selling opportunities could exist if price moves below the horizontal support around the 103.15 area. A bullish move could stall or reverse around the diagonal resistance identified on the above chart.

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 Non-Manufacturing data is set to be released at 1400 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 06.09.2016

GOLD was quiet during yesterday’s trading sessions but price continues to look bullish. The moving averages continue to look bullish also and are widening, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support area.