Intraday Forex Analysis – 1 Hour Charts – November 10, 2016


AUDUSD – 1 Hour Chart

audusd-10-11-2016

The AUDUSD is looking choppy and indecisive. The moving averages confirm this – they are crossing frequently and providing no clear market direction. Trading opportunities could exist around the identified horizontal support and resistance levels 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. 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 Unemployment Claims data is set to be released at 1330 UTC today.

EURGBP – 1 Hour Chart

eurgbp-10-11-2016

Price has been very bearish. The moving averages have crossed bearish and are widening, suggesting that price could move lower. If price pulls-back before attempting a move lower, selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support areas and around any of 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 Unemployment Claims data is set to be released at 1330 UTC today.

EURUSD – 1 Hour Chart

eurusd-10-11-2016

The EURUSD is looking a little indecisive but recent price action would suggest that price could be in the process of starting a possible downtrend (lower highs/lows). The moving averages confirm this – they are bearish and are widening. Selling opportunities could exist around the dynamic resistance of the moving averages, around the horizontal resistance at 1.0990 and if price moves below the horizontal support at 1.0890. A bearish move may stall or reverse around the horizontal support 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. Most economists believe that a US rate hike could happen in December. A Trump led US may cause weakness in the USD. US Unemployment Claims data is set to be released at 1330 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-10-11-2016

As suggested in yesterday’s chart analysis, price found support around the horizontal support at 1.2360 and is now ranging. The moving averages confirm this, they are tight and moving in a sideways direction. Trading opportunities could exist around the range support and resistance and if price moves out of the range (break-out trade).

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 Unemployment Claims data is set to be released at 1330 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-10-11-2016

The NZDUSD has been bearish and has moved lower. The moving averages are tightening and could cross bullish during today’s trading sessions, suggesting that price may continue it’s bearish run. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend resistance area. A bearish move could stall or reverse around the horizontal support at 0.7185.

New Zealand’s economy continues to seem steady. As expected, the Reserve Bank of New Zealand have cut rates by 25 points, bring their official rate to 1.75%. 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. US Unemployment Claims data is set to be released at 1330 UTC today.

USDCAD – 1 Hour Chart

usdcad-10-11-2016

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 Unemployment Claims data is set to be released at 1330 UTC today.

USDCHF – 1 Hour Chart

usdchf-10-11-2016

The USDCHF is looking choppy and indecisive. The moving averages confirm this – they are crossing fairly frequently and are tight. Trading opportunities could exist around the identified horizontal support and resistance levels 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. 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 Unemployment Claims data is set to be released at 1330 UTC today.

USDJPY – 1 Hour Chart

usdjpy-10-11-2016

Price is suggesting some market indecision but recent price action would suggest that price could be in the process of starting a possible uptrend (lower highs/lows). The moving averages confirm this – they have become more bullish. Buying opportunities could exist around the dynamic support of the moving averages and if price moves above the horizontal resistance at 105.90. A bullish move may stall or reverse around the horizontal resistance 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. 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 Unemployment Claims data is set to be released at 1330 UTC today.

XAUUSD – 1 Hour Chart

xauusd-10-11-2016

GOLD is looking choppy and indecisive. The moving averages confirm this – they are tight and moving sideways. From a technical view, there are very few areas that could provide clear trading opportunities. Trading opportunities could exist around the moving averages and around the identified support areas on the above chart.