Intraday Forex Analysis – 1 Hour Charts – November 11, 2016


AUDUSD – 1 Hour Chart

audusd-11-11-2016

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 Consumer Sentiment data is set to be released at 1500 UTC today.

EURGBP – 1 Hour Chart

eurgbp-11-11-2016

As suggested in yesterday’s chart analysis, price has been bearish and has moved lower. The moving averages continue to be bearish and are widening, suggesting that price could still fall further. If price is bullish before attempting another move lower, selling opportunities could exist around the key Fib levels, around the moving averages and around the previous horizontal support 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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURUSD – 1 Hour Chart

eurusd-11-11-2016

As suggested in yesterday’s chart analysis, the EURUSD has been bearish. The moving averages are still bearish and continue to widen, suggesting that price could continue to move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support at 1.0990 and if price moves below the horizontal support at 1.0870. A bearish move could 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 Consumer Sentiment data is set to be released at 1500 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-11-11-2016

As suggested in yesterday’s chart analysis, price moved out of the range during yesterday’s trading sessions and has since been slightly bullish. The moving averages have crossed bullish and are steady, suggesting that price could move higher. Buying opportunities could exist around the bullish moving averages and around the previous range resistance at 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 Consumer Sentiment data is set to be released at 1500 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-11-11-2016

As suggested in yesterday’s chart analysis, the NZDUSD was rejected around the trend resistance area and has since been bearish. The moving averages are bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance levels identified on the above chart. Price looks like it could be ranging (0.7185-0.7225). Trading opportunities could exist off the range support and resistance and if price moves out of the range (break-out trade).

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 Consumer Sentiment data is set to be released at 1500 UTC today.

USDCAD – 1 Hour Chart

usdcad-11-11-2016

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 Consumer Sentiment data is set to be released at 1500 UTC today. This is followed by a speech from the Bank of Canada at 1550 UTC.

USDCHF – 1 Hour Chart

usdchf-11-11-2016

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 Consumer Sentiment data is set to be released at 1500 UTC today.

USDJPY – 1 Hour Chart

usdjpy-11-11-2016

As suggested in yesterday’s chart analysis, price was bullish and moved higher during yesterday’s trading sessions. The moving averages are very bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages and around the identified horizontal support levels. The USDJPY looks like it could be ranging (106.40-106.90). Trading opportunities could exist off the range support and resistance and if price moves out of the range (break-out trade).

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 Consumer Sentiment data is set to be released at 1500 UTC today.

XAUUSD – 1 Hour Chart

xauusd-11-11-2016

GOLD is looking choppy and indecisive. The moving averages are bearish and have just started widening, suggesting that price could move lower. Trading opportunities could exist around the moving averages and around the identified horizontal resistance levels. Price looks like it could be in a tight range (1255.50-1263.20). Trading opportunities could exist off the range support and resistance and if price moves out of the range (break-out trade).