Intraday Forex Analysis – 1 Hour Charts – October 10, 2016


AUDUSD – 1 Hour Chart

audusd-10-10-2016

As suggested in Friday’s chart analysis, price found resistance around the previous horizontal support area and around the longer-term moving average and moved lower during Friday’s trading sessions. The moving averages are bearish but are tightening slightly, suggesting that selling momentum is weakening. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support (now resistance) at 0.7600 and around the channel resistance area. A bearish move may stall or reverse around the channel support area.

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

eurgbp-10-10-2016

The EURGBP continues to be bullish and move higher. The moving averages are very bullish and are showing little sign of weakening, suggested that price could still move higher. Buying opportunities could exist around the bullish 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 today that will directly impact this pair.

EURUSD – 1 Hour Chart

eurusd-10-10-2016

Price continues to be choppy and a little indecisive, though price does look slightly bearish. The moving averages are also bearish, suggesting that price could move lower. Selling opportunities could exist around the several resistance areas identified on the above chart and around the dynamic resistance of the 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

gbpusd-10-10-2016

As suggested in Friday’s chart analysis, price was bearish and closed lower during Friday’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 1.2460. A bearish move may stall or reverse around the horizontal support at 1.2310.

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

NZDUSD – 1 Hour Chart

nzdusd-10-10-2016

As suggested in Friday’s chart analysis, the NZDUSD reversed around the longer-term moving average and moved lower during Friday’s trading sessions. The moving averages are bearish but are tightening, suggesting that selling momentum is weakening. Selling opportunities could exist around the longer-term moving average. A buying opportunity could exist if price fails to push lower and forms a double-bottom price pattern.

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

USDCAD – 1 Hour Chart

usdcad-10-10-2016

Price moved above the horizontal resistance at 1.3260 but quickly reversed and moved back below the horizontal resistance level during Friday’s trading sessions. Price continues to look a little choppy and a little indecisive, though there is some slight upwards direction to price. The moving averages are bullish, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the identified trend support area.

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

USDCHF – 1 Hour Chart

usdchf-10-10-2016

The USDCHF was bearish during Friday’s trading sessions. Price is now finding support around the trend support area. The moving averages are bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the bullish moving averages and around the trend support area. A bullish move may stall or reverse around the horizontal resistance at 0.9825.

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

usdjpy-10-10-2016

As suggested in Friday’s chart analysis, price started retracing and was bearish during Friday’s trading sessions. The moving averages are tightening and becoming more bearish, suggesting that price could move lower. Price is currently finding support around the 38.2% Fib level. From a technical view, there are very few areas that could provide selling opportunities. Buying opportunities could exist around any of the key Fib levels.

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

xauusd-10-10-2016

As suggested in Friday’s chart analysis, price found resistance around the trend resistance area and the shorter-term moving average and moved lower during Friday’s trading sessions. The moving averages are tightening, suggesting that selling momentum is weakening and that price may move higher. Buying opportunities could exist around the previous trend resistance (as support).