Intraday Forex Analysis – 1 Hour Charts – October 06, 2016


AUDUSD – 1 Hour Chart

audusd-06-10-2016

The AUDUSD was bearish during yesterday’s trading sessions. Price has closed below the horizontal support at 0.7600, suggesting that price may now trend lower. The moving averages confirm this – they have crossed bearish and are widening. Selling opportunities could exist around the horizontal support (now resistance) at 0.7600, around the trend resistance line 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. US Unemployment Claims data is set to be released at 1230 UTC today.

EURGBP – 1 Hour Chart

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The EURGBP was bearish during yesterday’s trading sessions as price retraced some of the recent bullish move. As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average and is now attempting a move higher. 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 dynamic support of the moving averages.

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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURUSD – 1 Hour Chart

eurusd-06-10-2016

As identified in yesterday’s chart analysis, price found resistance around the consolidation resistance and moved slightly lower during yesterday’s trading sessions. Price continues to look very choppy and indecisive. The moving averages confirm this – they are moving sideways and crossing frequently. 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. US Unemployment Claims data is set to be released at 1230 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-06-10-2016

As suggested in yesterday’s chart analysis, price found resistance around the shorter-term moving average and has since been bearish. The moving averages continue to be bearish and are showing little sign of weakening, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages.

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. US Unemployment Claims data is set to be released at 1230 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-06-10-2016

The NZDUSD was bearish during yesterday’s trading sessions, as suggested in yesterday’s chart analysis. 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.

New Zealand’s economy 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

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As suggested in yesterday’s chart analysis, the USDCAD found support around the horizontal support at 1.3170 and around the shorter-term moving average and was bullish during yesterday’s trading sessions. The moving averages are bullish and are widening, suggesting that price could move higher. Price is still choppy and lacking direction though. The moving averages confirm this – they are crossing frequently. Buying opportunities could exist around the bullish moving averages, around the horizontal support at 1.3170 and if price moves above the horizontal resistance at 1.3210.

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 Unemployment Claims data is set to be released at 1230 UTC today.

USDCHF – 1 Hour Chart

usdchf-06-10-2016

As suggested in yesterday’s chart analysis, price found support around the longer-term moving average and has since been bullish. The bullish moving averages are beginning to tighten, suggesting that buying momentum is weakening. Trading opportunities could exist if price moves out of the range (sideways channel) at 0.9655-0.9815. Trading opportunities could also exist if the range resistance holds and around the moving averages.

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

usdjpy-06-10-2016

Price was very bullish during yesterday’s trading sessions and has moved higher (as suggested in yesterday’s chart analysis). The moving averages continue to be bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages.

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

xauusd-06-10-2016

GOLD was bearish and moved lower during yesterday’s trading sessions (as suggested in yesterday’s chart analysis). 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.