Intraday Forex Analysis – 1 Hour Charts – September 27, 2016

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD found support around the trend support area and around the dynamic support of the longer-term moving average during yesterday’s trading sessions. As also suggested, price is now attempting a swing higher. The bullish moving averages are tightening and could cross bearish, suggesting that the swing higher could fail. Buying opportunities could exist around the dynamic support of the moving averages and around the trend support area. Selling opportunities could exist if price action forms a double-top pattern.

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 Consumer Confidence data is set to be released at 1400 UTC today.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP was bullish and formed a swing higher during yesterday’s trading sessions. The moving averages are bullish and are widening, suggesting that price could still move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the horizontal resistance turned support at 0.8605 and around the trend support area.

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 that will directly impact this pair during today’s trading sessions.

EURUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD found support around the shorter-term moving average and was very bullish during yesterday’s trading sessions. The moving averages continue to be bullish but price still looks choppy and a little indecisive. Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and if price moves above the horizontal resistance at 1.1270. A bullish move may stall or reverse around the horizontal resistance. A move above this area may signal the start of an uptrend.

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 Consumer Confidence data is set to be released at 1400 UTC today.

GBPUSD – 1 Hour Chart

Price lacked momentum and moved within a tight sideways channel during yesterday’s trading sessions. The moving averages are bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal resistance at 1.2985. A bearish move could stall or reverse around the dynamic support at 1.2925.

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 Consumer Confidence data is set to be released at 1400 UTC today.

NZDUSD – 1 Hour Chart

The NZDUSD was bullish and retraced some of the recent bearish move during yesterday’s trading sessions. The moving averages are moving sideways, suggesting that there is some indecision in the market. From a technical view, there are very few areas that provide potential trading opportunities. Trading opportunities could exist around 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. US Consumer Confidence data is set to be released at 1400 UTC today.

USDCAD – 1 Hour Chart

Price was bullish and formed a clear swing high during yesterday’s trading sessions. The moving averages have crossed bullish and are widening, suggesting that price could move higher. From a technical view, there are very few areas that could provide potential trading opportunities.

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. Recent Canadian economic figures have been very poor. US Consumer Confidence data is set to be released at 1400 UTC today.

USDCHF – 1 Hour Chart

The USDCHF continues to look choppy and indecisive (as mentioned in yesterday’s chart analysis). The moving averages confirm the lack of price direction, they are crossing frequently and are sometimes moving sideways. Selling opportunities could exist around the dynamic resistance of the moving averages. Buying opportunities could exist around the diagonal support and around the horizontal support at 0.9665. If price moves below the horizontal support, price could start down-trending.

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 Consumer Confidence data is set to be released at 1400 UTC today.

USDJPY – 1 Hour Chart

As suggested in yesterday’s trading sessions, price moved below the sideways channel support and trended lower during yesterday’s trading sessions. Price has found support around the previous swing low though and is forming a potential double-bottom pattern. The moving averages confirm the potential upside move – they are tightening and could cross bullish. Buying opportunities could exist as price forms the double-bottom, around the moving averages and if price moves above the horizontal resistance area at 101.35-101.50. A bullish move may stall or reverse around the horizontal resistance 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 Consumer Confidence data is set to be released at 1400 UTC today.

XAUUSD – 1 Hour Chart

Price continues to move in a general sideways direction and lack momentum. The bullish moving averages are tightening and price has formed a potential bearish channel, suggesting that price could move slightly lower. Selling opportunities could exist around the channel resistance area and if price moves below the channel support area.

Hits: 3