Intraday Forex Analysis – 1 Hour Charts – October 13, 2016


AUDUSD – 1 Hour Chart

audusd-13-10-2016

As suggested in yesterday’s chart analysis, the AUDUSD found resistance around the bearish consolidation resistance and moved lower during yesterday’s trading sessions. As also suggested, price has stalled around the consolidation support area. 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, around the trend and consolidation resistance areas and if price moves below the consolidation 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. US Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.

EURGBP – 1 Hour Chart

eurgbp-13-10-2016

The EURGBP was slightly bullish during yesterday’s trading sessions. The moving averages continue to tighten, suggesting that buying momentum is weakening and that price could attempt a bearish move. From a technical view, there are very few areas that could provide trading opportunities. Price may find support 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-13-10-2016

Price was bearish during yesterday’s trading sessions. The moving averages continue to be 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 previous channel support (now resistance).

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. This is followed by US Crude Oil Inventories at 1500 UTC.

GBPUSD – 1 Hour Chart

gbpusd-13-10-2016

As suggested in yesterday’s chart analysis, the GBPUSD came off the dynamic resistance of the shorter-term moving average and has been bearish. The moving averages continue to be bearish but are starting to slightly tighten, suggesting that selling momentum is weakening. Selling opportunities could exist around the dynamic resistance of the moving averages, around the horizontal resistance at 1.2310 and if price moves below the horizontal support at 1.2110. Buying opportunities could exist if price moves above the horizontal resistance 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. US Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.

NZDUSD – 1 Hour Chart

nzdusd-13-10-2016

Price found resistance around the shorter-term moving average and around the trend resistance area, as suggested in yesterday’s chart analysis. The moving averages continue to be bearish, suggesting that price could move lower. Selling opportunities could exist around the moving averages and around the trend resistance area. If price moves above the resistance area, price may start to retrace some of the recent bearish move.

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. This is followed by US Crude Oil Inventories at 1500 UTC.

USDCAD – 1 Hour Chart

usdcad-13-10-2016

The USDCAD was bullish during yesterday’s trading sessions and has moved higher. The moving averages have crossed bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the 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 positive and the recent appreciation in OIL has given added strength to the Canadian Dollar. US Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.

USDCHF – 1 Hour Chart

usdchf-13-10-2016

Price was bullish during yesterday’s trading sessions. The moving averages are bullish and are still widening, suggesting that price could move higher. Buying opportunities could exist around the bullish moving averages. If price starts to retrace during today’s trading sessions, buying opportunities could exist around the key Fib levels.

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. This is followed by US Crude Oil Inventories at 1500 UTC.

USDJPY – 1 Hour Chart

usdjpy-13-10-2016

The USDJPY was initially bullish during yesterday’s trading sessions but the move was reversed. The moving averages are bullish and price is currently around a trend support area, suggesting that price may move higher during today’s trading sessions. 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. US Unemployment Claims data is set to be released at 1230 UTC today. This is followed by US Crude Oil Inventories at 1500 UTC.

XAUUSD – 1 Hour Chart

gold-13-10-2016

GOLD has moved slightly higher but price action still looks sideways and indecisive. The moving averages confirm this, they are also moving sideways and are very tight. Trading opportunities could exist off the sideways channel support and resistance areas. If price moves out of the channel, there could be an opportunity for a break-out trade.