Intraday Forex Analysis – 1 Hour Charts – September 23, 2016


AUDUSD – 1 Hour Chart

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The AUDUSD is currently retracing some of the recent bullish move. The moving averages continue to be very bullish and are showing little sign of weakening, suggesting that the uptrend could continue. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance 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. There is no major scheduled news today that will directly impact this pair.

EURGBP – 1 Hour Chart

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Price is currently moving within a sideways channel (range). The moving averages confirm the lack of direction and momentum – they are also moving sideways. Trading opportunities could exist around the range support and resistance. A break-out trade could also exist if price moves above the channel resistance or below the channel support.

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

EURUSD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the EURUSD started retracing during yesterday’s trading sessions and was very bearish. The moving averages are bullish and are widening, suggesting that price may attempt a swing higher during today’s trading sessions. Buying opportunities could exist around the bullish 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. There is no major scheduled news today that will directly impact this pair.

GBPUSD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, the GBPUSD was lacking selling momentum and consequently formed a higher swing high during yesterday’s trading sessions. The moving averages have crossed bullish and are widening, suggesting that price could move higher during today’s trading sessions. Price is also forming an inverted head and shoulder pattern – adding confidence that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and as price completes the inverted head and shoulder pattern.

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

NZDUSD – 1 Hour Chart

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The NZDUSD continues to be choppy and is lacking direction. The moving averages confirm this, they are moving sideways and look like they could cross again during today’s trading sessions. Selling opportunities could exist around the previous trend support (now resistance) and around the dynamic resistance of the moving averages.

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

USDCAD – 1 Hour Chart

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Price retraced some of the recent bearish move and was bullish during yesterday’s trading sessions. The moving averages continue to be bearish and are widening, suggesting that price could move lower during today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support as resistance.

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. Canadian CPI and Retail Sales data is set to be released at 1230 UTC today.

USDCHF – 1 Hour Chart

usdchf-23-09-2016

The USDCHF retraced some of the recent bearish move and was bullish during yesterday’s trading sessions. The moving averages continue to be bearish and are widening, suggesting that price could move lower during today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages and around the previous horizontal support as resistance. A bearish move could stall or reverse around the horizontal support at 0.9665.

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

USDJPY – 1 Hour Chart

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The USDJPY retraced some of the recent bearish move and was bullish during yesterday’s trading sessions. The moving averages continue to be bearish and are widening, suggesting that price could move lower during today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages and around the previous horizontal support as resistance.

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

XAUUSD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, GOLD moved higher and was bullish during yesterday’s trading sessions. The moving averages continue to be bullish and are widening, suggesting that price could still move higher. If price pulls back before attempting a move higher, buying opportunities could exist around the dynamic support of the moving averages.