Intraday Forex Analysis – 1 Hour Charts – September 22, 2016

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD moved above the horizontal resistance at 0.7565 and was very bullish during yesterday’s trading sessions. The moving averages continue to be bullish and are widening, suggesting that price could continue to uptrend. If price pulls back before attempting a swing higher, buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance (as support) at 0.7565.

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 and the Presidential election nears, shedding some doubt on a rate hike being sooner rather than later. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today.

EURGBP – 1 Hour Chart

Price was indecisive during yesterday’s trading sessions and moved in a general sideways direction. Price is currently around the trend support area and could move higher. Buying opportunities could exist around the trend support area and around the dynamic support of the longer-term moving average. The moving averages are still bullish but they are widening, suggesting that the upside move is losing it’s strength. A bullish move may reverse bearish during today’s trading sessions.

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 ECB President will speak today at 1300 UTC. This will be followed by a speech from the Bank of England Governor at 1700 UTC.

EURUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the horizontal support at 1.1130 held and price started retracing during yesterday’s trading sessions. Price has since been very bullish and is forming a higher swing high. The bearish moving averages are also tightening and could cross bullish during today’s trading sessions. Buying opportunities could exist around the previous swing high at 1.1200 and around the dynamic support of the moving averages.

The future of the Euro is very unclear (not uncertain, just indecisive). 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 and the Presidential election nears, shedding some doubt on a rate hike being sooner rather than later. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today. The ECB President will speak today at 1300 UTC.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD failed to push lower and was bullish during yesterday’s trading sessions. The moving averages are still bearish but price is above both moving averages and the moving averages are tightening, suggesting that the selling momentum is greatly weakening. Buying opportunities could exist around bullish moving averages and around the support areas identified on the above chart.

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 and the Presidential election nears, shedding some doubt on a rate hike being sooner rather than later. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today. The Governor of the Bank of England will be giving a speech at 1700 UTC.

NZDUSD – 1 Hour Chart

The NZDUSD continues to seem a little choppy and indecisive but there are some signs to suggest that price could attempt a move to the upside; price has formed a series of higher highs and lows, the moving averages are bullish and are widening and price has formed a couple of trend support areas. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support areas and as price moves above the horizontal resistance at 0.7365. A bullish move could stall or reverse around the horizontal resistance.

The economy of New Zealand continues to seem steady. As expected, the Reserve Bank of New Zealand have held rates at 2.00%. The NZD continues to seem steady and is one of the stronger currencies. 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 and the Presidential election nears, shedding some doubt on a rate hike being sooner rather than later. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today.

USDCAD – 1 Hour Chart

The USDCAD moved below the horizontal support during yesterday’s trading sessions and has since been bearish. The moving averages have crossed bearish and are widening, suggesting that the downside move could continue. If price retraces some of the recent bearish move before attempting a swing lower, selling opportunities could exist around the previous horizontal support at 1.3135 and around the bearish moving averages.

US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today.

USDCHF – 1 Hour Chart

The USDCHF was very bearish during yesterday’s trading sessions. Price is now around the horizontal support at 0.9705. The moving averages have crossed bearish and are widening, suggesting that price could move below the horizontal support during today’s trading sessions. If price bounces off the support first, selling opportunities could exist around the dynamic resistance of the moving averages. Selling opportunities could also exist as price moves below the horizontal support area.

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 and the Presidential election nears, shedding some doubt on a rate hike being sooner rather than later. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today.

USDJPY – 1 Hour Chart

The USDJPY was very bearish during yesterday’s trading sessions. Price has closed below the clear horizontal support area at 101.40-101.50 and the bearish moving averages are widening, suggesting that price could continue to downtrend. If price retraces some of the recent bearish move before attempting a move lower, selling opportunities could exist around the dynamic resistance of the moving averages and around the previous horizontal support area.

The Bank of Japan have announced a slight hike in their rate, from -0.20% to -0.10%. 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 and the Presidential election nears, shedding some doubt on a rate hike being sooner rather than later. Most economists believe that a US rate hike could happen in December. US Unemployment Claims data is set to be released at 1230 UTC today.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD was very bullish and moved much higher during yesterday’s trading sessions. The moving averages are bullish and are widening, suggesting that the uptrend could continue. Buying opportunities could exist around the bullish moving averages.

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