Intraday Forex Analysis – 1 Hour Charts – December 12, 2016


AUDUSD – 1 Hour Chart

audusd-12-12-2016

The AUDUSD is looking choppy and indecisive. The moving averages confirm this – they are tight and moving sideways. Trading opportunities could exist around the identified horizontal support and resistance levels. If price moves above the horizontal resistance at 0.7500, the AUDUSD may attempt a bullish move.

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

EURGBP – 1 Hour Chart

eurgbp-12-12-2016

The moving averages are suggesting market indecision – they are crossing frequently and providing no clear direction. As suggested in Friday’s chart analysis, price reversed around the longer-term moving average. 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. There is no major scheduled news today that will directly impact this pair.

EURUSD – 1 Hour Chart

eurusd-12-12-2016

As suggested in Friday’s chart analysis, price was bearish and has moved lower. The EURUSD is now looking indecisive. The moving averages confirm this – they have crossed frequently and are providing no clear direction. Trading opportunities could exist around the identified horizontal support and resistance levels and around the moving averages. If price moves below the horizontal support at 1.0525, the EURUSD may attempt a bearish move.

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 today that will directly impact this pair.

GBPUSD – 1 Hour Chart

gbpusd-12-12-2016

Price is currently moving within a tight horizontal channel (1.2550-1.2615) and is ranging. The moving averages are bearish and steady, suggesting that the GBPUSD could move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and if price moves below the range support area. Trading opportunities could exist around the channel 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. 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

nzdusd-12-12-2016

The NZDUSD has been bearish and is retracing some of the recent bullish move. The moving averages are tightening and becoming more bearish, suggesting that price could move lower. Selling opportunities could exist around the moving averages, around the previous horizontal support at 0.7150 and around the trend resistance area. A bearish move could stall or reverse around the horizontal support levels at 0.7105 and 0.7075.

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-12-12-2016

Price has continued to be bearish and has moved lower. The moving averages are still bearish and are steady. Price is looking a little over-extended though and is due a bullish move (retracement). Selling opportunities could exist around the trend resistance area, around the moving averages and around the horizontal level at 1.3235.

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-12-12-2016

The USDCHF is still very choppy and indecisive. The moving averages confirm this – they are crossing frequently. Trading opportunities could exist around the identified horizontal support and resistance 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

usdjpy-12-12-2016

As suggested in Friday’s chart analysis, price moved above the horizontal resistance area at 114.65 and has since been bullish. The moving averages are bullish also and are widening, suggesting that price could continue to uptrend. Buying opportunities could exist around the dynamic support of the moving averages and around the previous horizontal resistance area at 114.40-114.65.

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-12-12-2016

As suggested in Friday’s chart analysis, price moved below the horizontal channel support at 1161.80 and has since been bearish. The moving averages have crossed bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the previous horizontal support at 1161.80, around the bearish moving averages and around the trend resistance area.