Intraday Forex Analysis – 1 Hour Charts – November 18, 2016

AUDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has moved below the range support and has since been pushing lower. The moving averages are bearish and are widening again, suggesting that price could still move lower. Selling opportunities could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the identified horizontal resistance 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. There is no major scheduled news today that will directly impact this pair.

EURGBP – 1 Hour Chart

As suggested in yesterday’s chart analysis, price moved below the range support and has since been slightly bearish. The moving averages have crossed bearish and are widening, suggesting that price could continue to move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the identified horizontal resistance 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 a ECB Speech at 0830 UTC today.

EURUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD retraced slightly and reversed bearish around the longer-term moving average. The moving averages are bearish and steady, suggesting that price could still trend lower. Selling opportunities could exist around the moving averages, around the trend resistance area and around the identified horizontal resistance 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. There is a ECB Speech at 0830 UTC today.

GBPUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD found resistance around the longer-term moving average and around the identified horizontal resistance and has since been bearish. The GBPUSD is looking 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. There is no major scheduled news today that will directly impact this pair.

NZDUSD – 1 Hour Chart

The NZDUSD was bearish during yesterday’s trading sessions and has moved lower. The moving averages are bearish and are starting to widen again, 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 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. There is no major scheduled news today that will directly impact this pair.

USDCAD – 1 Hour Chart

Price is looking 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.

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. Canadian CPI data is set to be released at 1330 UTC today.

USDCHF – 1 Hour Chart

The USDCHF continues to be bullish and trend higher. The moving averages are bullish but are beginning to tighten slightly, suggesting that buying momentum could be weakening and that price could soon start retracing. If price does start retracing, buying opportunities could exist around the several identified horizontal support 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). There is no major scheduled news today that will directly impact this pair.

USDJPY – 1 Hour Chart

Price continues to be bullish and trend higher. The moving averages are bullish and steady, suggesting that price could still move higher. If price retraces, buying opportunities could exist around the moving averages, around the trend support area and around the identified horizontal support areas.

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). There is no major scheduled news today that will directly impact this pair.

XAUUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD moved below the range support area and has since been bearish (break-out trade). The moving averages are still tight and not signalling any clear direction, suggesting that the current bearish run could be short-lived. Trading opportunities could exist around the moving averages and around the previous range support.

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