Intraday Forex Analysis – 1 Hour Charts – December 08, 2016


AUDUSD – 1 Hour Chart

audusd-08-12-2016

As suggested in yesterday’s chart analysis, the AUDUSD reversed bullish around the identified horizontal support at 0.7420. Price has closed above the consolidation resistance. The moving averages are bullish, suggesting that price could be bullish and move higher. Buying opportunities could exist around the horizontal support levels at 0.7470 and 0.7420, around the dynamic support of the moving averages 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. US Unemployment Claims data is set to be released at 1330 UTC today.

EURGBP – 1 Hour Chart

eurgbp-08-12-2016

Price has been bullish (as suggested in yesterday’s chart analysis). The moving averages are bullish and widening, suggesting that price could still move higher. Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous horizontal resistance at 0.8475.

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. The ECB have a rate announcement at 1245 UTC today. This will be followed by a Press Conference at 1330 UTC.

EURUSD – 1 Hour Chart

eurusd-08-12-2016

As suggested in yesterday’s chart analysis, the EURUSD has been bullish and has stalled around the previous swing high. The moving averages are tightening and beginning to move sideways, suggesting that price could start ranging (1.0705-1.0780). Trading opportunities could exist around the range support and resistance areas 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 strength in the USD. The ECB have a Rate announcement at 1245 UTC today. This is followed by a Press Conference at 1330 UTC. US Unemployment Claims data is set to be released at 1330 UTC also.

GBPUSD – 1 Hour Chart

gbpusd-08-12-2016

Price found support and has reversed bullish around the 61.8% Fib level (as suggested in yesterday’s chart analysis). The moving averages have crossed bearish and price is below the moving averages, suggesting that the GBPUSD may struggle to make a new swing high. Trading opportunities could exist around the horizontal channel support and resistance areas (1.2570 & 1.2765) 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. US Fed Chair Yellen recently suggested that there could be a US rate hike before the end of this year. US Unemployment Claims data is set to be released at 1330 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-08-12-2016

As suggested in yesterday’s chart analysis, the NZDUSD moved above the horizontal resistance at 0.7160 and rallied much higher. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Buying opportunities could exist around the previous horizontal resistance levels at 0.7150 and 0.7160, around the bullish moving averages and around the trend support area.

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 Unemployment Claims data is set to be released at 1330 UTC today.

USDCAD – 1 Hour Chart

usdcad-08-12-2016

Price was rejected around the longer-term moving average and has moved lower (as suggested in yesterday’s chart analysis). The moving averages are still bearish but price is looking a little over-extended, suggesting that price could soon start retracing and be bullish. Selling opportunities could exist around the identified horizontal resistance areas, around the dynamic resistance of the moving averages and around the trend resistance area. I suggest to not open any large short positions as the USDCAD could reverse bullish during today’s trading sessions.

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. US Unemployment Claims data is set to be released at 1330 UTC today.

USDCHF – 1 Hour Chart

usdchf-08-12-2016

The moving averages are beginning to tighten and move sideways, suggesting that price could range. Price action has formed a potential horizontal channel at 1.0055-1.0110. Trading opportunities could exist around the horizontal channel support and resistance areas and if the USDCHF moves out of the range (break-out trade).

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 Unemployment Claims data is set to be released at 1330 UTC today.

USDJPY – 1 Hour Chart

usdjpy-08-12-2016

The USDJPY continues to be choppy and indecisive. The moving averages confirm this – they are tight, crossing frequently and moving sideways. Price is moving within a horizontal channel at 113.00-114.65 and is ranging. Trading opportunities could exist around the range support and resistance areas and if the USDJPY moves out of the range (break-out trade). A selling opportunity could exist around the identified diagonal resistance.

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 Unemployment Claims data is set to be released at 1330 UTC today.

XAUUSD – 1 Hour Chart

xauusd-08-12-2016

As suggested in yesterday’s chart analysis, GOLD moved above the trend resistance area and the moving averages and has been bullish. The moving averages are moving sideways and are tight, suggesting that price could range. Price action has formed a potential horizontal channel at 1161.90-1180.20. Trading opportunities could exist around the range support and resistance areas and if GOLD moves out of the range (break-out trade). Buying opportunities could exist around the newly formed trend support line and around the previous trend resistance.