Intraday Forex Analysis – 1 Hour Charts – September 09, 2016


AUDUSD – 1 Hour Chart

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The AUDUSD was very bearish during yesterday’s trading sessions and has closed below the trend support area – suggesting that price could retrace at least some of the recent bullish swing. The bullish moving averages confirm this, they are tightening and starting to become more bearish. Price is currently finding support around the 38.2% Fib level. Buying opportunities could exist around the 38.2% Fib level and the 50.0% and 61.8% Fib levels too.

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

EURGBP – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the moving averages crossed bullish and price moved higher during yesterday’s trading sessions. The bullish moving averages are widening, suggesting that price could move higher during today’s trading sessions. If price is bearish before attempting a swing higher, buying opportunities could exist around the dynamic support of the 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 but the ECB Press Conference today may shed some light. There is no major scheduled news today that will directly impact this pair.

EURUSD – 1 Hour Chart

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Price was initially bullish during yesterday’s trading sessions but the move reversed bearish. The moving averages are still bullish but the moving averages are beginning to tighten, suggesting that buying momentum could be weakening. Buying opportunities could exist around the dynamic support of the moving averages and around the short-term trend support area. A bullish move could stall or reverse around the trend resistance area.

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

GBPUSD – 1 Hour Chart

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The GBPUSD was bearish during yesterday’s trading sessions. The moving averages have crossed bearish and price has formed a clear bearish trend resistance line, suggesting that price could continue to move lower. Selling opportunities could exist around the trend resistance area and the dynamic resistance of the bearish moving averages. A bearish move could stall or reverse 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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. There is no major scheduled news today that will directly impact this pair.

NZDUSD – 1 Hour Chart

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The NZDUSD retraced some of the recent bullish swing during yesterday’s trading sessions. The bullish moving averages are tightening but they are still very bullish, giving-off mixed signals. Price is currently testing the dynamic support of the longer-term moving average and the trend support area. If these support areas hold, price could present some buying opportunities. If price continues to move lower, the NZDUSD could stall or reverse around the previous horizontal resistance (now support) at 0.7355. This area could also provide some buying opportunities.

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

USDCAD – 1 Hour Chart

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The USDCAD was bullish during yesterday’s trading sessions. The moving averages could cross bullish and price is forming a trend support area – both suggesting that price could move higher during today’s trading sessions. Price is also forming a tightening bullish pattern. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support area. A bullish move could stall or reverse around the resistance of the triangular bullish pattern.

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. Canadian Employment and Unemployment data is set to be released at 1230 UTC today.

USDCHF – 1 Hour Chart

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Price has formed a series of lower lows and lower highs. The dynamic resistance of the longer-term moving average and the trend resistance area is currently being tested. This could provide some selling opportunities but the bearish moving averages are tightening, suggesting that price may move higher. If the resistance areas hold, price could attempt to swing lower. If the resistance areas don’t hold, price could start moving higher. A bullish move is likely to stall or reverse around the horizontal support turned resistance at 0.9770.

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

USDJPY – 1 Hour Chart

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The USDJPY was bullish during yesterday’s trading sessions. As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average and moved a little lower. Price has now formed a potential tightening triangular pattern. Trading opportunities could exist around the pattern support and resistance areas and if prices breaks-out of the pattern. A bullish move could stall or reverse around the previous horizontal support at 103.10.

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

XAUUSD – 1 Hour Chart

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GOLD was bearish during yesterday’s trading sessions. The bullish moving averages have also become more bearish and are tightening, suggesting that the downwards move could continue. Selling opportunities could exist around the trend resistance area and around the shorter-term moving average. Price could find support around the trend support area.