Intraday Forex Analysis – 1 Hour Charts – September 15, 2016


AUDUSD – 1 Hour Chart

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The AUDUSD is currently moving within a sideways channel and is lacking momentum after the recent sell-off. The moving averages continue to be bearish though, suggesting that price could still move lower. Selling opportunities could exist as price moves below the horizontal support at 0.7450. If price moves higher before attempting a swing lower, selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal resistance levels at 0.7490 and 0.7500.

The Bank of Australia have again decided 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 Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC today. These events will likely cause volatility to USD pairs.

EURGBP – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the EURGBP was bearish during yesterday’s trading sessions and found support around the longer-term moving average and previous diagonal resistance as support. The moving averages are bullish and are widening, suggesting that price could attempt a swing higher during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal support at 0.8475.

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 Retail Sales data is set to be released at 0830 UTC today. This will be followed by a Bank Rate announcement and Monetary Policy Summary at 1100 UTC. It could be a very volatile day for GBP pairs.

EURUSD – 1 Hour Chart

eurusd-15-09-2016

The EURUSD continues to lack price direction and look choppy. The moving averages confirm the lack of momentum – they are moving sideways and could cross again during today’s trading sessions. Trading opportunities could exist around the identified support and resistance areas on the above chart.

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. US Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC today. These events will likely cause volatility to USD pairs.

GBPUSD – 1 Hour Chart

gbpusd-15-09-2016

As suggested in yesterday’s chart analysis, the GBPUSD retraced some of the recent bearish move and found resistance around the longer-term moving average during yesterday’s trading sessions. The moving averages continue to be bearish and are now widening again, 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.

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. UK Retail Sales data is set to be released at 0830 UTC today. This will be followed by a Bank Rate announcement and Monetary Policy Summary at 1100 UTC. US Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC. It could be a very active day for the GBPUSD.

NZDUSD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the NZDUSD was initially bullish and found resistance around the shorter-term moving average during yesterday’s trading sessions. The moving averages continue to be bearish and are showing little sign of weakening, suggesting that price could continue to move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move could stall or reverse around the diagonal support (identified on the above chart) and around the horizontal support at 0.7210.

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 Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC today. These events will likely cause volatility to USD pairs.

USDCAD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, price found support at the trend support area (was quickly rejected and reversed) and was bullish during yesterday’s trading sessions. The moving averages continue to be bullish, suggesting that price could still move higher. Price is looking a little over-extended though, meaning that price could start to retrace during today’s trading sessions. Buying opportunities could exist around key Fib levels and around the dynamic support of the moving averages.

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 Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC today. These events will likely cause volatility to USD pairs.

USDCHF – 1 Hour Chart

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The USDCHF continues to lack direction (as mentioned in yesterday’s chart analysis). Price has now formed a sideways channel (range). The moving averages are slightly bullish, suggesting that price could test the range resistance area during today’s trading sessions. Trading opportunities could exist around the channel support and resistance and as price breaks-out of the channel.

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 Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC today. These events will likely cause volatility to USD pairs.

USDJPY – 1 Hour Chart

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The USDJPY is looking choppy and is lacking clear price direction. The moving averages confirm this – they are moving sideways and crossing frequently. If price reaches the numerous support areas around 101.40-101.70 during today’s trading sessions, there could be some buying opportunities. 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. Though recent US economic news has been disappointing, shedding some doubt on a rate hike being sooner rather than later. US Retails Sales, PPI and Manufacturing data is set to be released at 1230 UTC today. These events will likely cause volatility to USD pairs.

XAUUSD – 1 Hour Chart

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GOLD found support around 1317.50 during yesterday’s trading sessions. From a technical view, there are very few areas which could provide some trading opportunities. The moving averages are bearish, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and if price moves below the horizontal support area.