Intraday Forex Analysis – 1 Hour Charts – September 16, 2016


AUDUSD – 1 Hour Chart

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The AUDUSD was bullish during yesterday’s trading sessions and has moved above the clear horizontal resistance levels at 0.7490 and 0.7500. The bearish moving averages are becoming more bullish and are tightening, suggesting that price could continue to move higher. Buying opportunities could exist around the previous horizontal resistance (as support) at 0.7490, around the trend support area and around the horizontal support at 0.7450.

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 CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

EURGBP – 1 Hour Chart

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Price was bullish during yesterday’s trading sessions (as suggested in yesterday’s chart analysis) but price failed in it’s attempt to make a new swing high. The moving averages are bullish but are tightening, suggesting that price could continue to retrace during today’s trading sessions. Buying opportunities could exist around the dynamic support of the longer-term moving average, around the horizontal support at 0.8475 and around the trend support 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. US CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

EURUSD – 1 Hour Chart

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The EURUSD continues to be choppy and lack direction but price action has formed a potential upwards channel. The moving averages confirm this – they have just crossed bullish. Buying opportunities could exist around the channel support area and around the horizontal support at 1.1205. A bullish move could stall or reverse around the channel 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. US CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

GBPUSD – 1 Hour Chart

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The GBPUSD attempted a move lower during yesterday’s trading sessions but the move failed and price reversed bullish. The bearish moving averages are tightening, suggesting that price could continue to retrace during today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the longer-term moving average and around the trend resistance area. If price moves above the trend resistance area, the GBPUSD could start an uptrend.

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 CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

NZDUSD – 1 Hour Chart

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The NZDUSD was initially bearish during yesterday’s trading sessions but price reversed strongly bullish around the diagonal support area identified in yesterday’s chart analysis. The bearish moving averages are looking a lot more bullish and could cross bullish during today’s trading sessions – suggesting that the upwards price direction could continue. Buying opportunities could exist around the bullish moving averages and around the support areas at 0.7245-0.7255 (identified on the above chart). An upwards move could stall or reverse around the potential channel/trend resistance area.

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 CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

USDCAD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the USDCAD started retracing during yesterday’s trading sessions and found support around the 23.6% Fib level and the longer-term moving average. The bullish moving averages are starting to tighten, suggesting that price could retrace further. The overall trend is up though, so buying opportunities could exist around any of the key Fib levels and around the dynamic support of the longer-term moving average.

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 CPI data and Canadian Manufacturing Sales data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

USDCHF – 1 Hour Chart

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As mentioned in yesterday’s chart analysis, the USDCHF is currently ranging within a sideways channel. The moving averages have crossed bearish though and price action has formed a diagonal resistance, suggesting that price could break to the downside and move below the channel support area. Selling opportunities could exist around the dynamic resistance of the moving averages, around the diagonal resistance area and if price closes below the channel support at 0.9705. If price is bullish in today’s trading sessions, buying opportunities could exist if price moves above the channel resistance.

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 CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

USDJPY – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the USDJPY continued to move within the bullish channel and found support around the channel support area during yesterday’s trading sessions. The moving averages continue to provide no clear direction and are crossing frequently. Buying opportunities could exist around the channel support area and around the horizontal support levels at 101.40 and 101.50. If price closes below these support levels, price could start down-trending.

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 CPI data is set to be released at 1230 UTC today. This will be followed by Preliminary Consumer Sentiment data at 1400 UTC.

XAUUSD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, GOLD was rejected around the trend resistance and moving averages during yesterday’s trading sessions and moved lower. The moving averages continue to be bearish, suggesting that price could continue to move lower. If price retraces before attempting a swing lower, selling opportunities could exist around the trend resistance area and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the horizontal support levels at 1310.60 and 1304.50.