Intraday Forex Analysis – 1 Hour Charts – November 04, 2016
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the AUDUSD closed above the channel resistance area. The moving averages are bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the previous channel resistance (as support), around the moving averages, around the trend support area and if price moves above the identified horizontal resistance levels. A bullish move may stall or reverse around the horizontal resistance levels.
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 and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs.
EURGBP – 1 Hour Chart
The EURGBP was very bearish during yesterday’s trading sessions. The moving averages have crossed bearish and are widening, suggesting that price could still move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the horizontal resistance at 0.8930 and around the key Fib levels. A bearish move may stall or reverse around the horizontal support at 0.8870.
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 Court law has put a current hold on triggering Article 50. The British government will now have to go through UK parliament to trigger Article 50. This has given strength to the GBP, as Brexit may now not be such a “hard” Brexit and there is the chance that Article 50 may now never be triggered. US Non-Farm Payrolls data will be released at 1230 UTC today. This event is likely to cause volatility across all currency pairs
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has started retracing and has been bearish. The moving averages are still bullish and are steady, suggesting that price could attempting a push higher. Buying opportunities could exist around the bullish moving averages, around the trend support area, around the key Fib levels and if price moves above the horizontal resistance at 1.1125. A bullish move could stall or reverse around the horizontal 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. US Unemployment and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs
GBPUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, the GBPUSD moved above the range resistance area and rallied higher. The moving averages are bullish and are widening, suggesting that price could move higher. Price is looking a little over-extended though, so the GBPUSD may retrace before attempting another bullish move. Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the previous range resistance at 1.2225.
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 Court law has put a current hold on triggering Article 50. The British government will now have to go through UK parliament to trigger Article 50. This has given strength to the GBP, as Brexit may now not be such a “hard” Brexit and there is the chance that Article 50 may now never be triggered. 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. US Unemployment and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs
NZDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has started retracing and has been bearish. The moving averages are still bullish and are steady, suggesting that price could attempting a push higher. Buying opportunities could exist around the bullish moving averages, around the trend support area, around the key Fib levels and if price moves above the horizontal resistance at 0.7340. A bullish move could stall or reverse around the horizontal resistance area.
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. US Unemployment and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs
USDCAD – 1 Hour Chart
Price action has formed a sideways channel and price is ranging. The moving averages are tight and moving sideways – confirming the lack of market direction. Price found support around the range support and has been bullish (as suggested in yesterday’s chart analysis). Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).
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 mixed. The most recent Rate announcement and BOC press conference did not provide any suggestion that there will be a rate hike any time soon though. US Unemployment and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, the USDCHF has started retracing and has been bullish. The moving averages are still bearish but are weakening, suggesting that price could still move higher. Selling opportunities could exist around the longer-term moving average, around the trend resistance area, around the key Fib levels and if price moves below the horizontal support at 0.9695. A bearish move could stall or reverse around the horizontal support area.
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 and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price has started retracing and has been bullish. The moving averages are still bearish and steady, suggesting that price could attempt a move lower. Selling opportunities could exist around the longer-term moving average, around the trend resistance area, around the key Fib levels, if price moves below the horizontal support at 0.9695 and around the identified horizontal resistance areas. A bearish move could stall or reverse around the horizontal support at 102.60.
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 and Non-Farm Payrolls data will be released at 1230 UTC today. The latter event is likely to cause volatility across all currency pairs
XAUUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, GOLD found support around the previous channel resistance and around the 38.2% Fib level. The bullish attempt to make a higher high has failed. The moving averages are still bullish though, suggesting that price may attempt another bullish move. Buying opportunities could exist around any of the key Fib levels, around the previous channel resistance area and if price closes above the horizontal resistance at 1305.00.
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