Intraday Forex Analysis – 1 Hour Charts – October 11, 2016


AUDUSD – 1 Hour Chart

audusd-11-10-2016

The AUDUSD was very bearish during yesterday’s trading sessions. The moving averages are still bearish but they are tightening, suggesting that selling momentum is weakening. Price action has formed a potential tightening consolidation pattern. Price may move off the consolidation support during today’s trading sessions. Selling opportunities could exist around the dynamic resistance of the moving averages and around the consolidation resistance 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

gbpusd-11-10-2016

As suggested in yesterday’s chart analysis, price 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. Price is struggling to move above the horizontal resistance at 0.9040 though. The EURGBP may now start a retracement and become more bearish. Buying opportunities could exist around the moving averages and if price closes above the horizontal resistance 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. There is no major scheduled news today that will directly impact this pair.

EURUSD – 1 Hour Chart

eurusd-11-10-2016

As suggested in yesterday’s chart analysis, the EURUSD was bearish and moved lower during yesterday’s trading sessions. The moving averages continue to be bearish but they are tightening, suggesting that selling momentum is weakening. If price is bullish and pulls back during today’s trading sessions, selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area.

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-11-10-2016

As suggested in yesterday’s chart analysis, price was bearish and stalled around the horizontal support during yesterday’s trading sessions. The moving averages continue to be bearish but they are starting to tighten, suggesting that the horizontal support may hold and price may start retracing during today’s trading sessions. Buying opportunities could exist off the horizontal support area. Selling opportunities could exist around the dynamic resistance of the moving averages and if price closes below 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-11-10-2016

Price was bearish and moved lower during yesterday’s trading sessions. The moving averages are still bearish but they are beginning to tighten, suggesting that selling momentum is weakening. If price pulls back during today’s trading sessions, selling opportunities could exist around the trend resistance area and around the bearish 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. There is no major scheduled news today that will directly impact this pair.

USDCAD – 1 Hour Chart

usdcad-11-10-2016

The USDCAD was very bearish during yesterday’s trading sessions. Price has moved below the moving averages and the moving averages are tightening and becoming more bearish, all suggesting that price could move lower. Selling opportunities could exist around the moving averages, around the trend resistance area and around the 38.2%, 50.0% and 61.8% Fib levels.

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 positive and the recent appreciation in OIL has given added strength to the Canadian Dollar. There is no major scheduled news today that will directly impact this pair.

USDCHF – 1 Hour Chart

usdchf-11-10-2016

As suggested in yesterday’s chart analysis, the USDCHF was bullish and has moved higher. The moving averages are bullish and are widening, suggesting that price may move higher. Price is currently struggling around the horizontal resistance at 0.9840 though. 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 0.9840.

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-11-10-2016

The USDJPY found support around the 38.2% Fib level and was bullish during yesterday’s trading sessions. The moving averages have crossed bearish, suggesting that price may form a large double-top price pattern and reverse bearish. Selling opportunities could exist as the double-top pattern is formed.

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-11-10-2016

GOLD was slightly bearish during yesterday’s trading sessions. The bearish moving averages are tightening and could cross bullish, suggesting that price may move higher. Buying opportunities could exist as price moves above the horizontal resistance around 1264.50.