Intraday Forex Analysis – 1 Hour Chart – September 08, 2016


AUDUSD – 1 Hour Chart

audusd-08-09-2016

Price continues to be rejected around the diagonal resistance area. The moving averages are bullish though and are widening, suggesting that price could still move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the trend/consolidation support area and if price closes above the diagonal resistance area.

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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. US Unemployment Claims is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.

EURGBP – 1 Hour Chart

eurgbp-08-09-2016

The EURGBP was bullish during yesterday’s trading sessions. The moving averages are crossing bullish, suggesting that the upwards price direction could continue. Buying opportunities could exist around the dynamic support of the moving averages and if price forms an inverted head and shoulder pattern.

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 but the ECB Press Conference today may shed some light. There is a ECB rate announcement at 1145 UTC today. This is followed by an ECB Press Conference at 1230 UTC. Both of these events are likely to cause a lot of market volatility.

EURUSD – 1 Hour Chart

eurusd-08-09-2016

As suggested in yesterday’s chart analysis, the EURUSD found support around the 23.6% Fib level and moved slightly higher during yesterday’s trading sessions. The moving averages are bullish and are widening, suggesting that price could continue to move higher. If price pulls back before moving higher, buying opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 1.1210 and around any of the key Fib levels.

The future of the Euro is very unclear (not uncertain, just indecisive), but the ECB Press Conference today may shed some light. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is a ECB rate announcement at 1145 UTC today. This is followed by an ECB Press Conference at 1230 UTC. Both of these events are likely to cause a lot of market volatility. US Unemployment Claims is set to be released at 1230 UTC. This is followed by US Crude Oil Inventories at 1500 UTC.

GBPUSD – 1 Hour Chart

gbpusd-08-09-2016

The GBPUSD was very bearish during yesterday’s trading sessions. Price is currently testing the dynamic support of the longer-term moving average. If the support holds, price could be forming a bullish channel as identified on the above chart. The moving averages are bullish and are steady. It is unclear whether they are signalling steady buying momentum or strengthening selling momentum. Buying opportunities could exist around the dynamic support of the longer-term moving average and around the horizontal support at 1.3260. A bullish move could stall or reverse around the potential channel resistance 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. 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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. US Unemployment Claims is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC

NZDUSD – 1 Hour Chart

nzdusd-08-09-2016

The NZDUSD is currently moving sideways after a strong bullish move. The moving averages are bullish and are widening, suggesting that the upwards price direction could continue. If price starts retracing though, buying opportunities could exist around the dynamic support of the moving averages.

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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. US Unemployment Claims is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC

USDCAD – 1 Hour Chart

usdcad-08-09-2016

As suggested in yesterday’s chart analysis, the USDCAD found resistance around the previous horizontal support and consolidation resistance areas and moved lower during yesterday’s trading sessions. Price quickly reversed bullish though and is now above the shorter-term moving average. The bearish moving averages are tightening, suggesting that the bullish move may continue. Buying opportunities could exist as price moves above the previous swing high at 1.2900. A bullish move could stall or reverse around the longer-term moving average. A bearish move may stall or reverse around the diagonal support area identified on the above chart. This area may also provide a buying opportunity.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Though recent US economic news has been disappointing. Very positive Canadian economic figures are giving strength to the Canadian dollar. US Unemployment Claims is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC

USDCHF – 1 Hour Chart

usdchf-08-09-2016

Price is currently moving within a sideways channel and is ranging. The moving averages are bearish and continue to widen, suggesting that the USDCHF sell-off could continue. Trading opportunities could exist as price moves and closes out of the sideways channel. If price breaks to the upside of the channel, price could quickly stall or reverse around the dynamic resistance of the moving averages or around the trend resistance area. These areas of resistance may also provide some selling opportunities.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. US Unemployment Claims is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC

USDJPY – 1 Hour Chart

usdjpy-08-09-2016

The USDJPY is retracing some of the recent bearish move. The bearish moving averages continue to widen though, suggesting that price may attempt another push lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and as price moves below the short-term trend support area 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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. US Unemployment Claims is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC

XAUUSD – 1 Hour Chart

gold-08-09-2016

As suggested in yesterday’s chart analysis, GOLD found support around the areas of the trend support and shorter-term moving average. Price is now attempting a move to the recent swing high and could move higher during today’s trading sessions. Buying opportunities could exist around the trend support area and around the dynamic support of the moving averages.