Intraday Forex Analysis – 1 Hour Charts – October 05, 2016

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around the horizontal support at 0.7600 but continued to move within the sideways range during yesterday’s trading sessions. The moving averages continue to provide no clear direction and are crossing frequently. Selling opportunities could exist if price moves below the horizontal support at 0.7600, around the diagonal resistance area and around the dynamic resistance of the moving averages.

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 a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP moved higher and was bullish during yesterday’s trading sessions. The moving averages continue to be bullish and are showing little sign of weakening, suggesting that price could move higher. Buying opportunities could exist around the bullish moving averages and around the trend support area.

The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. This has caused a sterling sell-off as the 2 year of negotiations for leaving the EU nears. Most economists believe that sterling will continue to weaken long-term. UK Services PMI data is set to be released at 0830 UTC today.

EURUSD – 1 Hour Chart

As mentioned several times, price is looking very choppy and lacking direction. The moving averages confirm this – they are crossing frequently and moving sideways. Trading opportunities could exist around the support and 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. There is a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price was bearish and moved lower during yesterday’s trading sessions. The moving averages continue to show no sign of weakening, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal support (now resistance) at 1.2915.

The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. This has caused a sterling sell-off as the 2 year of negotiations for leaving the EU nears. Most economists believe that sterling will continue to weaken long-term. 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 Services PMI data is set to be released at 0830 UTC today. There is a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC.

NZDUSD – 1 Hour Chart

The NZDUSD was very bearish during yesterday’s trading sessions and has moved below the recent choppy price action and consolidation. Price may now have some direction. The moving averages have crossed bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the previous horizontal support levels at 0.7220 and 0.7255. Selling opportunities could also exist 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 a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC.

USDCAD – 1 Hour Chart

As mentioned several times, price is looking very choppy and lacking direction. The moving averages confirm this – they are crossing frequently and moving sideways. Price has closed above the horizontal resistance at 1.3170 though and the moving averages are bullish, suggesting that price could move higher. Trading opportunities could exist around the support and resistance areas identified 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. There is a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC. The Canadian Trade Balance figure will also be released today, at 1230 UTC.

USDCHF – 1 Hour Chart

As mentioned several times, price is looking very choppy and lacking direction. The moving averages confirm this – they are crossing frequently and moving sideways. Trading opportunities could exist around the support and resistance areas identified on the above chart and around the moving averages. If price moves above the horizontal resistance at 0.9815 during today’s trading sessions, price may start to uptrend.

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 a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC.

USDJPY – 1 Hour Chart

As suggested in yesterday’s chart analysis, price moved above the horizontal resistance at 102.70 and was bullish during yesterday’s trading sessions. The moving averages are bullish and are showing little sign of weakening, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the trend 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. There is a lot of US related news during today’s trading sessions; Non-Farm Employment data at 1215 UTC, Non-Manufacturing data at 1400 UTC and Crude Oil Inventories at 1430 UTC.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD was bearish and moved lower during yesterday’s trading sessions. The moving averages are bearish and continue to widen, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the key Fib levels.

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