Intraday Forex Analysis – 1 Hour Charts – November 25, 2016


AUDUSD – 1 Hour Chart

audusd-25-11-2016

As suggested in yesterday’s chart analysis, the AUDUSD lacked selling momentum and the attempt to move lower has been reversed. Price action is currently forming a higher high and the moving averages are bullish, both suggesting that price could be starting a uptrend. Buying opportunities could exist around the dynamic support of the moving averages, around the previous swing high at 0.7440 and around the trend support area.

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

eurgbp-25-11-2016

Price is moving within a tight horizontal channel (ranging), 0.8465-0.8495. The moving averages are bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the bearish moving averages, around the trend resistance area and if price moves below the range support. Trading opportunities could exist around the range support and resistance areas.

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. A UK GDP Second Estimate Figure is set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

eurusd-25-11-2016

The EURUSD moved in a general sideways direction during yesterday’s trading sessions but price is now bullish. The moving averages are bearish and are widening, suggesting that the downtrend could continue. Selling opportunities could exist around the moving averages, around the trend resistance area and around the horizontal resistance at 1.0645.

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. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

GBPUSD – 1 Hour Chart

gbpusd-25-11-2016

Price action 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, around the moving averages and around the newly formed diagonal support 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. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. A UK GDP Second Estimate Figure is set to be released at 0930 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-25-11-2016

The NZDUSD is retracing the recent bearish swing. The moving averages are bearish and are widening, suggesting that price may attempt another swing lower. Price is above the moving averages though, suggesting that the downtrend could be coming to an end. Selling opportunities could exist around the identified horizontal resistance levels and around the trend resistance area. If price closes above the 0.7080 resistance, price action will have formed a large double-bottom, suggesting that the downtrend could be over.

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

usdcad-25-11-2016

Price action 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, around the identified horizontal support and resistance levels and around the diagonal resistance 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 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

usdchf-25-11-2016

The USDCHF was moving within a horizontal channel during yesterday’s trading sessions but price has seen moved to the down-side. The moving averages are bullish and are widening, suggesting that price could continue to move higher. Price is looking a little over-extended though, suggesting that a retracement is due. Selling opportunities could exist around the previous range support area and if price closes below the moving averages. The retracement could reverse around the horizontal support levels at 1.0065 and 1.0075.

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

usdjpy-25-11-2016

Price is looking over-extended and is due a retracement. The moving averages are bullish and are widening though, suggesting that the retracement may not be that strong. Buying opportunities could exist around the moving averages and around the channel 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

xauusd-25-11-2016

GOLD continues to be bearish and downtrend. The moving averages confirm the strength of the selling momentum – they are bearish and are widening. If price pulls-back, selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support at 1205.00.