Intraday Forex Analysis – 1 Hour Charts – December 15, 2016
AUDUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price reversed around the identified horizontal resistance at 0.7515 and has since been very bearish. The AUDUSD continues to look indecisive. The moving averages confirm this – they are crossing frequently and providing no clear direction. Trading opportunities could exist around the identified horizontal support and resistance areas and around the moving averages. If price moves below the horizontal support at 0.7395, the AUDUSD may attempt a bearish 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. There are concerns over how a Trump led US could negatively impact the Australian economy. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. US CPI and Unemployment data is set to be released at 1330 UTC today.
EURGBP – 1 Hour Chart
The EURGBP has reversed bearish around the horizontal support at 0.8425 (as suggested in yesterday’s chart analysis). Price continues to be indecisive. The moving averages are tight and have crossed frequently – confirming the indecision. Trading opportunities could exist around the moving averages and around the identified horizontal support and resistance areas.
The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists believe that sterling will continue to weaken long-term. UK Retail Sales data is set to be released at 0930 UTC today. This is followed by a BOE Rate Announcement and Press Conference at 1200 UTC.
EURUSD – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found resistance around the horizontal resistance at 1.0655 and has since been bearish. The EURUSD is now below the recent consolidation, suggesting that price could move lower. The moving averages confirm this analysis – they are about to cross bearish. Selling opportunities could exist around the identified horizontal resistance levels, around the dynamic resistance of the moving averages and around the trend resistance area.
The future of the Euro is very unclear (not uncertain, just indecisive). Some economists are expecting a 1.0000 parity between the Euro and US Dollar. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. US CPI and Unemployment data is set to be released at 1330 UTC today.
GBPUSD – 1 Hour Chart
Price was bearish during yesterday’s trading sessions and is now below the recent consolidation, suggesting that the GBPUSD could downtrend. The bullish moving averages are tightening and could cross bearish, suggesting that price could move lower. Selling opportunities could exist around the identified horizontal 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. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. UK Retail Sales data is set to be released at 0930 UTC today. This is followed by a BOE Rate Announcement and Press Conference at 1200 UTC. US CPI and Unemployment data is set to be released at 1330 UTC.
NZDUSD – 1 Hour Chart
The NZDUSD has moved below the recent swing lows and looks like it may attempt to downtrend. The moving averages confirm this – they are tightening and could cross bearish. Selling opportunities could exist around the identified horizontal resistance levels 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. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. US CPI and Unemployment data is set to be released at 1330 UTC today.
USDCAD – 1 Hour Chart
Price was very bullish during yesterday’s trading sessions. The moving averages have crossed bullish, suggesting that the upside move could continue. If price pulls-back, buying opportunities could exist around the dynamic support of the moving averages and around any of the key Fib levels.
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. The appreciation of OIL has given some strength to the Canadian Dollar. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. US CPI and Unemployment data is set to be released at 1330 UTC today. Canadian Manufacturing Sales data will be released at the same time. There is a BOC Speech at 1615 UTC.
USDCHF – 1 Hour Chart
The USDCHF has moved above the recent sideways consolidation area, suggesting that price could start trending. The bearish moving averages confirm this analysis – they are tightening and could cross bullish. Buying opportunities could exist around the identified horizontal support levels, around the dynamic support of the moving averages and around the trend support area.
The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. There is a Swiss Rate Announcement and Press Conference at 0830 UTC today. US CPI and Unemployment data is set to be released at 1330 UTC.
USDJPY – 1 Hour Chart
As suggested in yesterday’s chart analysis, price found support around the 38.2% Fib level and the longer-term moving average and has moved higher. The moving averages are bullish and are widening, suggesting that the uptrend could continue. Buying opportunities could exist around the bullish moving averages, around the trend support area and around the identified horizontal support levels.
The Bank of Japan recently announced a slight hike in their national interest rate, from -0.20% to -0.10%. The US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, if further rate hikes are expected. US CPI and Unemployment data is set to be released at 1330 UTC today.
XAUUSD – 1 Hour Chart
GOLD found resistance around the longer-term moving average and has moved lower (as suggested in yesterday’s chart analysis). The moving averages are still bearish and are widening, suggesting that price could move lower. Selling opportunities could exist around the moving averages, around the previous swing low at 1152.50 and around the trend resistance area.
Hits: 5