Intraday Forex Analysis – 1 Hour Charts – November 08, 2016


AUDUSD – 1 Hour Chart

audusd-08-11-2016

Price continues to look choppy and indecisive. The moving averages are bullish and steady though, suggesting that price could move higher. Trading opportunities could exist around the several identified horizontal support and resistance areas, around the trend support area 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 is today. All markets could be extremely volatile over the next 24 hours.

EURGBP – 1 Hour Chart

eurgbp-08-11-2016

The EURGBP is looking choppy and indecisive. The moving averages confirm this – they are crossing frequently and providing no clear direction. Trading opportunities could exist around the several identified horizontal support and resistance areas and around the moving averages. A break-out opportunity could exist if price moves out of the current range (sideways channel) at 0.8860-0.8930.

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 is today. All markets could be extremely volatile over the next 24 hours. UK Manufacturing data is set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

eurusd-08-11-2016

As suggested in yesterday’s chart analysis, price moved out of the range and has moved slightly lower. The moving averages have crossed bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the horizontal resistance at 1.1050 and around the dynamic resistance of the moving averages. A bearish move may stall or reverse around the horizontal support areas identified on the above chart.

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 is today. All markets could be extremely volatile over the next 24 hours.

GBPUSD – 1 Hour Chart

gbpusd-08-11-2016

The GBPUSD has been finding support around the 38.2% Fib level (identified in yesterday’s chart analysis) and the longer-term moving average.  The moving averages are bullish but are strongly tightening. 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 is today. All markets could be extremely volatile over the next 24 hours. UK Manufacturing data is set to be released at 0930 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-08-11-2016

As suggested in yesterday’s chart analysis, price moved higher and was bullish during yesterday’s trading sessions. The moving averages are tightening and could cross bearish, suggested that price could start moving lower. Selling opportunities could exist if price moves below the horizontal support at 0.7290.

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 is today. All markets could be extremely volatile over the next 24 hours.

USDCAD – 1 Hour Chart

usdcad-08-11-2016

The USDCAD continues to be 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 is today. All markets could be extremely volatile over the next 24 hours.

USDCHF – 1 Hour Chart

usdchf-08-11-2016

Price has become choppy and indecisive. The moving averages confirm this – they are moving sideways and signalling no clear market direction. Trading opportunities could exist around the several identified horizontal support and resistance areas and around the moving averages.

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 is today. All markets could be extremely volatile over the next 24 hours.

USDJPY – 1 Hour Chart

usdjpy-08-11-2016

The USDJPY is moving within a tight 30 pip range, 104.30-104.60. The moving averages are bullish and widening, suggesting that price could move higher. The moving averages have been crossing fairly frequently though and price is looking a little choppy, suggesting market indecision. Trading opportunities could exist around the moving averages, around the identified support and resistance areas and if price breaks-out of the range.

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 is today. All markets could be extremely volatile over the next 24 hours.

XAUUSD – 1 Hour Chart

xauusd-08-11-2016

As suggested in yesterday’s chart analysis, price moved below the range support and has moved slightly lower. The moving averages have crossed bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the previous range support at 1286.90 and around the dynamic resistance of the moving averages. A bearish move could stall or reverse around the trend support area.