Intraday Forex Analysis – 1 Hour Charts – September 13, 2016


AUDUSD – 1 Hour Chart

audusd-13-09-2016

As suggested in yesterday’s chart analysis, the AUDUSD was initially bearish during yesterday’s trading sessions and reversed bullish around the horizontal support at 0.7500. The bearish moving averages continue to widen, suggesting that price could attempt another move to the horizontal support area. Selling opportunities could exist around the dynamic resistance of the moving averages and if price moves below the horizontal support area. A bearish move may stall or reverse around the horizontal support.

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

eurgbp-13-09-2016

Price was bearish during yesterday’s trading sessions. The bullish moving averages are tightening and could cross bearish during today’s trading sessions – suggested that price could move lower. Selling opportunities could exist around the trend resistance area (identified on the above chart) and around the horizontal resistance area.

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. UK CPI data is set to be released at 0830 UTC today. This is followed by German Economic Sentiment data and an ECB Speech at 0900 UTC. These EUR related events are likely to cause some market volatility.

EURUSD – 1 Hour Chart

eurusd-13-09-2016

As suggested in yesterday’s chart analysis, the EURUSD came off the tightening support and resistance areas and continued to consolidate during yesterday’s trading sessions. The consolidation pattern has become even tighter and a break-out seems imminent during today’s trading sessions. The moving averages have crossed bearish, suggesting that a downside break-out could be more likely. If price does break to the downside, price could stall or reverse around the horizontal support at 1.1210.

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. German Economic Sentiment data is set to be released at 0900 UTC today. An ECB Speech will be given at the same time. These events are likely to cause some market volatility.

GBPUSD – 1 Hour Chart

gbpusd-13-09-2016

The GBPUSD was bullish during yesterday’s trading sessions and has moved above the trend resistance area. The moving averages are bearish but they are tightening, suggesting that price could continue to move to the upside. Buying opportunities could exist around the trend support area, around the horizontal support area at 1.3245 and around the previous trend resistance (as support).

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 was bullish during yesterday’s trading sessions. From a technical view, there are very few areas where price could present some trading opportunities. The moving averages are strongly bearish and are widening, suggesting that price could move lower during today’s trading sessions.

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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As suggested in yesterday’s chart analysis, the USDCAD found support around the trend support area and the bullish shorter-term moving averages and is moving higher. The moving averages continue to be bullish and continue to widen – suggesting that price could continue it’s upwards price direction. Buying opportunities could exist around the dynamic support of the moving averages are around the trend support area. A bullish move may stall or reverse around the diagonal resistance area identified on the above chart.

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

USDCHF – 1 Hour Chart

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The USDCHF is looking a little indecisive and is lacking price direction. The moving averages are crossing fairly frequently and are moving sideways – confirming the lack of price direction. Trading opportunities could exist off the consolidation support and resistance areas and as price moves out of the consolidation. If price breaks to the upside of the consolidation, the bullish move could stall or reverse around the horizontal resistance at 0.9805.

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 bearish during yesterday’s trading sessions. The moving averages have crossed bullish but price has formed a consolidation price pattern. Trading opportunities could exist off the consolidation support and resistance areas and as price moves out of the consolidation. If price breaks to the upside of the consolidation, the bullish move could stall or reverse around the horizontal resistance at 103.15.

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 is currently moving sideways and lacking price direction. The moving averages are bearish and are widening, suggesting that price could move lower. From a technical view, there are very few areas that price could present some trading opportunities.