Intraday Forex Analysis – 1 Hour Charts – November 16, 2016


AUDUSD – 1 Hour Chart

audusd-16-11-2016

Price is moving within a sideways channel and is ranging between 0.7525-0.7570. The bearish moving averages are tightening and beginning to move sideways – confirm the lack of momentum. Trading opportunities could exist around the range support and resistance and if price moves out of the range (break-out trade).

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 PPI data is set to be released at 1330 UTC. This is followed by US Crude Oil Inventories at 1530 UTC.

EURGBP – 1 Hour Chart

eurgbp-16-11-2016

As suggested in yesterday’s chart analysis, the EURGBP reversed around the dynamic resistance of the longer-term moving average and has since been bearish. Price is now in a possible sideways channel and is ranging between 0.8580-0.8690. The moving averages confirm the lack of momentum, they are tightening and beginning to move sideways. Trading opportunities could exist around the range support and resistance, around the moving averages 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. UK Claimant Count data and a Averages Earnings Index figure are set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

eurusd-16-11-2016

As suggested in yesterday’s chart analysis, price reversed around the shorter-term moving average and was bearish. Price is now in a possible sideways channel and is ranging between 1.0710-1.0800. The moving averages are bearish though, suggesting that price could move lower. Trading opportunities could exist around the range support and resistance, around the moving averages 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. Most economists believe that a US rate hike could happen in December. A Trump led US may cause weakness in the USD. US PPI data is set to be released at 1330 UTC. This is followed by US Crude Oil Inventories at 1530 UTC.

GBPUSD – 1 Hour Chart

gbpusd-16-11-2016

The GBPUSD is looking a little choppy and indecisive. The moving averages confirm this – they are crossing frequently and moving sideways. Trading opportunities could exist around the moving averages and around the several identified horizontal support and resistance levels. If price moves below the horizontal support area at 1.2360, price may attempt a bearish move.

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. UK Claimant Count data and a Averages Earnings Index figure are set to be released at 0930 UTC today. US PPI data is set to be released at 1330 UTC. This is followed by US Crude Oil Inventories at 1530 UTC.

NZDUSD – 1 Hour Chart

nzdusd-16-11-2016

Price is moving within a sideways channel and is ranging between 0.7070-0.7140. The moving averages are bearish though, suggesting that price could move lower. Trading opportunities could exist around the range support and resistance, around the moving averages and if price moves out of the range (break-out trade). If the NZDUSD breaks to the upside, price may reverse around the identified horizontal resistance levels.

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 PPI data is set to be released at 1330 UTC. This is followed by US Crude Oil Inventories at 1530 UTC. New Zealand PPI and Retail Sales data will be released sometime over the US and/or Asian session.

USDCAD – 1 Hour Chart

usdcad-16-11-2016

The USDCAD is retracing after a recent rally. Price is currently finding support around the 50.0% Fib level and is steady. The moving averages are becoming more bearish though, suggesting that price could retrace further. Buying opportunities could exist around the 50.0% and 61.8% 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 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 PPI data is set to be released at 1330 UTC. Canadian Manufacturing Sales data will be released at the same time. This is followed by US Crude Oil Inventories at 1530 UTC.

USDCHF – 1 Hour Chart

usdchf-16-11-2016

As suggested in yesterday’s chart analysis, price found support around the 38.2% Fib level and the identified horizontal support level and has moved higher. The moving averages are bullish and are steady, suggesting that price could move higher. Buying opportunities could exist around the moving averages, around the trend support area, around the identified horizontal support levels and if price moves above the previous swing high at 1.0020.

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 PPI data is set to be released at 1330 UTC. This is followed by US Crude Oil Inventories at 1530 UTC.

USDJPY – 1 Hour Chart

usdjpy-16-11-2016

As suggested in yesterday’s chart analysis, the USDJPY was rejected at the trend support area and has been trending higher. The moving averages are bullish and steady, suggesting that price could still move higher. Buying opportunities could exist around the trend support area, around the moving averages and around the identified horizontal support 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 PPI data is set to be released at 1330 UTC. This is followed by US Crude Oil Inventories at 1530 UTC.

XAUUSD – 1 Hour Chart

xauusd-16-11-2016

Price has moved above the horizontal channel and is retracing some of the recent bearish move. The moving averages confirm the lack of selling momentum – they are starting to tighten and move sideways. If price continues to retrace, selling opportunities could exist around the key Fib levels and around the longer-term moving average. A selling opportunities could also exist if price moves below the recent swing low at 1212.50.