Intraday Forex Analysis – 1 Hour Charts – November 09, 2016

AUDUSD – 1 Hour Chart

The AUDUSD has been very bearish. The moving averages are still bullish but are becoming more bearish. Selling opportunities could exist around the dynamic resistance of the moving averages, around the identified horizontal resistance areas and around the key Fib 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. The US Presidential Election result may be a game-changer for the Australian Dollar though. Fears over how a Trump led US will negatively impact the Australian economy are already showing. 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. US Crude Oil Inventories are set to be released at 1530 UTC today.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, price moved above the range resistance and has been bullish. The moving averages have crossed bullish, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the identified horizontal support areas.

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.

EURUSD – 1 Hour Chart

The EUR has been very bullish. The moving averages are still bearish but are becoming more bullish and could cross bullish during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages, around the identified horizontal support areas and around the key Fib levels.

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. Most economists believe that a US rate hike could happen in December. A Trump led US may cause weakness in the USD. US Crude Oil Inventories are set to be released at 1530 UTC today.

GBPUSD – 1 Hour Chart

Price is looking a little choppy and indecisive. The moving averages have just crossed bearish, suggesting that price could move lower. Trading opportunities could exist around the identified horizontal support and resistance areas and around the moving averages. Price action could be forming either a double-top price pattern or a potential sideways channel, 1.2360-1.2545.

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. A Trump led US may cause weakness in the USD. US Crude Oil Inventories are set to be released at 1530 UTC today.

NZDUSD – 1 Hour Chart

The NZDUSD has been bearish but has found support around the horizontal support at 0.7290. The moving averages are tight and moving sideways, suggesting that price may become indecisive or that they are preparing to cross bearish. Trading opportunities could exist around the potential range support and resistance, 0.7290-0.7400. Selling opportunities could exist around the moving averages and if price moves below the potential range support 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. 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

Price continues to be choppy and indecisive. The moving averages confirm the lack of market direction – they are crossing frequently and are very tight. Trading opportunities could exist around the horizontal support and resistance 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. A Trump led US could provide some weakness in the USD. 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 Crude Oil Inventories are set to be released at 1530 UTC today.

USDCHF – 1 Hour Chart

The USDCHF has been very bearish. The moving averages are still bullish but are becoming more bearish. Selling opportunities could exist around the dynamic resistance of the moving averages, around the identified horizontal resistance areas and 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. Most economists believe that a US rate hike could happen in December. A Trump led US may cause weakness in the USD and possible strength to the CHF (safe-haven currency). US Crude Oil Inventories are set to be released at 1530 UTC today.

USDJPY – 1 Hour Chart

Price action has been very bearish. The moving averages are still bullish but are tightening and becoming more bearish. Selling opportunities could exist around the dynamic resistance of the moving averages, around the identified horizontal resistance areas and around the key Fib levels.

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. Most economists believe that a US rate hike could happen in December. A Trump led US may cause weakness in the USD and possible strength to the JPY (safe-haven currency). US Crude Oil Inventories are set to be released at 1530 UTC today.

XAUUSD – 1 Hour Chart

GOLD has been very bullish. The moving averages are still bearish but are tightening and becoming more bullish and could cross bullish during today’s trading sessions. Buying opportunities could exist around the dynamic support of the moving averages, around the identified support areas and around the key Fib levels.

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