Intraday Forex Analysis – 1 Hour Charts – November 07, 2016


AUDUSD – 1 Hour Chart

audusd-07-11-2016

Price has become choppy and indecisive. The moving averages are still bullish but they are tightening and could cross bearish during today’s trading sessions – confirming the lack of buying momentum. Trading opportunities could exist around the several identified horizontal support and resistance areas and around 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. There is no major scheduled news today that will directly impact this pair. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

EURGBP – 1 Hour Chart

eurgbp-07-11-2016

As suggested in Friday’s chart analysis, the EURGBP reversed around the horizontal support at 0.8865 and has since been bullish. The moving averages are still very bearish and continue to widen, suggesting that price could move lower. Selling opportunities could exist around the moving averages, around the identified horizontal resistance levels and if price moves below the horizontal support at 0.8865.

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 slightest chance that Article 50 may now never be triggered. There is no major scheduled news today that will directly impact this pair. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

EURUSD – 1 Hour Chart

eurusd-07-11-2016

The EURUSD is moving within a potential range, 1.1055-1.1135. The moving averages are bullish but are tightening and could cross bearish during today’s trading sessions – confirming the lack of buying momentum. Trading opportunities could exist around the several identified horizontal support and resistance areas, around the moving averages, around the range support and resistance and if price moves out of the range (break-out trade).

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. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

GBPUSD – 1 Hour Chart

gbpusd-07-11-2016

As suggested in Friday’s chart analysis, price has started to retrace after the recent rally and looking over-extended. The moving averages are still bullish, suggesting that price could soon attempt a move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the identified horizontal resistance areas (as support) and around the key Fib levels.

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 slightest 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. There is no major scheduled news today that will directly impact this pair. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

NZDUSD – 1 Hour Chart

nzdusd-07-11-2016

As suggested in Friday’s chart analysis, the NZDUSD attempted a bullish move higher but reversed around the previous swing high (horizontal resistance) and has since been bearish. The moving averages are still bullish, suggesting that price could soon attempt a move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the identified horizontal resistance areas (as support) and around the key Fib levels.

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. There is no major scheduled news today that will directly impact this pair. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

USDCAD – 1 Hour Chart

usdcad-07-11-2016

Price is looking choppy and indecisive, and moving within a horizontal/sideways channel (range). The moving averages confirm the lack of market direction – they are crossing frequently and are very tight. Trading opportunities could exist around range support and resistance areas and if price moves out of the sideways channel (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. There is no major scheduled news today that will directly impact this pair. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

USDCHF – 1 Hour Chart

usdchf-07-11-2016

The USDCHF opened higher and has since been bullish. The moving averages are bearish but are strongly tightening and could cross bullish during today’s trading sessions, suggesting that price could move higher. Buying opportunities could exist around the moving averages and around the horizontal resistance now support at 0.9755.

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. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

USDJPY – 1 Hour Chart

usdjpy-07-11-2016

Price opened higher and has since been bullish. Price is looking choppy and indecisive though. The moving averages are still bearish but they are tightening and could cross bullish during today’s trading sessions. Trading opportunities could exist around the several identified horizontal support and resistance areas and around 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. There is no major scheduled news today that will directly impact this pair. The US Presidential Election will take place on 8th November. All markets could be extremely volatile over the next 48 hours.

XAUUSD – 1 Hour Chart

xauusd-07-11-2016

GOLD is ranging between the horizontal resistance at 1305.00 and the horizontal support at 1287.00. The moving averages are bullish but are tightening, suggesting that price could move lower. Trading opportunities could exist around the range support and resistance levels and if price moves out of the range (break-out trade).