Intraday Forex Analysis – 1 Hour Charts – November 24, 2016
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the 50.0% Fib level and has since been bearish. The moving averages have crossed bullish and are moving sideways, suggesting that price may not have enough selling momentum to form a swing lower. Buying opportunities could exist around the previous swing low at 0.7315. Trading opportunities could exist around the moving averages and around the horizontal resistance at 0.7440.
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
The EURGBP has been bearish and has moved lower. The moving averages are bearish and are steady, suggesting that price could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support at 0.8495 and around the trend resistance area.
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. German Business Climate data is set to be released at 0900 UTC today.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved below the identified range support and has since been bearish. The moving averages have crossed bearish and are currently widening, suggesting that the EURUSD could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous horizontal support at 1.0570 and around the trend resistance 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 strength in the USD. German Business Climate data is set to be released at 0900 UTC today.
GBPUSD – 1 Hour Chart
The GBPUSD continues to look choppy and indecisive. The moving averages confirm this – they are tight and crossing frequently. Trading opportunities could exist around the identified horizontal support and resistance levels and around the moving averages.
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
As suggested in yesterday’s chart analysis, price moved below the range support level and has since been bearish. The moving averages have been bullish but are about to cross bearish, suggesting that the downside move could continue. If price pulls-back before attempting a push lower, selling opportunities could exist around the previous range support at 0.7035 and around the bearish moving averages.
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
The USDCAD continues to be 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 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 strength 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. There is no major scheduled news today that will directly impact this pair.
USDCHF – 1 Hour Chart
As suggested in yesterday’s chart analysis, price moved above the range resistance and has since been bullish. The moving averages are bullish and are widening, suggesting that price could move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 1.0130 and around the trend support area.
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
As suggested in yesterday’s chart analysis, the USDJPY moved above the range resistance and has since been bullish. The moving averages are 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 trend support 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). There is no major scheduled news today that will directly impact this pair.
XAUUSD – 1 Hour Chart
GOLD has been very bearish and the down-trend is continuing. The moving averages are bearish and are widening, suggesting that price could still move lower. If price retraces, selling opportunities could exist around the bearish moving averages, around the trend resistance area and around the previous horizontal support at 1205.00.
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