Intraday Forex Analysis – 1 Hour Charts – October 03, 2016


AUDUSD – 1 Hour Chart

audusd-03-10-2016

As suggested in Friday’s chart analysis, the AUDUSD found resistance around the previous channel support and has since been slightly bearish. As also mentioned, the moving averages have crossed bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the previous channel support area (as resistance) and around the longer-term moving average. A bearish move may stall or reverse around the horizontal support at 0.7600.

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 Manufacturing PMI data is set to be released at 1400 UTC today.

EURGBP – 1 Hour Chart

eurgbp-03-10-2016

As suggested in Friday’s chart analysis, price found support around the horizontal support at 0.8600 and moved higher during Friday’s trading sessions. The moving averages have crossed bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the horizontal resistance turned support at 0.8655, around the dynamic support of the moving averages and around the diagonal 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. UK Manufacturing PMI data is set to be released at 0830 UTC today.

EURUSD – 1 Hour Chart

eurusd-03-10-2016

As mentioned several times, the EURUSD continues to look choppy and lack direction. The moving averages confirm this – they are crossing frequently and are moving sideways. From a technical view, there are very few areas that could provide clear trading opportunities. Trading opportunities could exist around the resistance areas identified on the above chart.

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 Manufacturing PMI data is set to be released at 1400 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-03-10-2016

Price action has now formed a tightening triangular consolidation pattern. The moving averages confirm this – they are crossing frequently and moving in a general sideways direction. Selling opportunities could exist around the consolidation resistance area, around the bearish moving averages and if price moves below the horizontal support at 1.2915.

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. UK Manufacturing data is set to be released at 0830 UTC today. This is followed by US Manufacturing PMI data at 1400 UTC.

NZDUSD – 1 Hour Chart

nzdusd-03-10-2016

As mentioned several times, the NZDUSD continues to look choppy and is lacking clear market direction. The moving averages confirm this – they are crossing frequently and moving in a general sideways direction. Price has formed a bearish channel. Selling opportunities could exist around the channel resistance. A bearish move may stall or reverse around the channel support area.

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 Manufacturing PMI data is set to be released at 1400 UTC today.

USDCAD – 1 Hour Chart

usdcad-03-10-2016

As suggested in Friday’s chart analysis, price was bearish and moved lower during Friday’s trading sessions. As with other USD pairs, the USDCAD is looking choppy and is lacking clear price direction. The moving averages confirm this – they are moving sideways and crossing frequently. Trading opportunities could exist around the identified support and resistance areas on the above chart.

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 but the recent appreciation in OIL has given some strength to the Canadian Dollar. US Manufacturing PMI data is set to be released at 1400 UTC today.

USDCHF – 1 Hour Chart

usdchf-03-10-2016

As with other USD pairs, the USDCHF is looking choppy and is lacking clear price direction. The moving averages confirm this – they are moving sideways and crossing frequently. Trading opportunities could exist around the identified support and resistance areas on the above chart.

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 Manufacturing PMI data is set to be released at 1400 UTC today.

USDJPY – 1 Hour Chart

usdjpy-03-10-2016

As suggested in Friday’s chart analysis, price found support around the trend support area and was bullish during Friday’s trading sessions. As with other USD pairs, the USDJPY is looking choppy but price does have some direction – price was recently bearish and is now formed the start of a possible uptrend. The moving averages are bullish, suggesting that price could move higher. 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 101.70.

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 Manufacturing PMI data is set to be released at 1400 UTC today.

XAUUSD – 1 Hour Chart

xauusd-03-10-2016

As suggested in Friday’s chart analysis, price found resistance around the longer-term moving average and reversed bearish during Friday’s trading sessions. The moving averages continue to be bearish but they are beginning to tighten, suggesting that selling momentum could be weakening. Selling opportunities could exist around the previous horizontal support (now resistance) at 1317.70, around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move may stall or reverse around the horizontal support at 1310.70.