Intraday Forex Analysis – 1 Hour Charts – December 19, 2016


AUDUSD – 1 Hour Chart

audusd-19-12-2016

As suggested in Friday’s chart analysis, price has been bearish and has moved lower. The moving averages are bearish and are widening, suggesting that price could continue to downtrend. Selling opportunities could exist around the previous horizontal support at 0.7340, around any of the key Fib levels and around the dynamic resistance of the moving averages. A bearish move could stall or reverse at the most recent swing low and horizontal support at 0.7275.

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. Australian Monetary Policy Minutes will be released overnight UTC.

EURGBP – 1 Hour Chart

eurgbp-19-12-2016

The EURGBP continues to be choppy and move within a horizontal channel (range). The moving averages confirm the lack of market direction – they are tight and moving sideways. Trading opportunities could exist around the range support and resistance areas (0.8335 & 0.8425) 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. Most economists believe that sterling will continue to weaken long-term. A German Business Climate figure will be released at 0900 UTC today.

EURUSD – 1 Hour Chart

eurusd-19-12-2016

Price has been bullish and is retracing some of the recent bearish move. The moving averages are still bearish and are steady, suggesting that price could continue to downtrend. Selling opportunities could exist around the bearish moving averages, around the identified horizontal resistance at 1.0530, around any of the key Fib levels and around the trend resistance area. The EURUSD could stall or reverse around the previous swing low at 1.0370.

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. A German Business Climate figure will be released at 0900 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-19-12-2016

The GBPUSD has been bullish and is retracing some of the recent bearish move. As suggested in Friday’s chart analysis, price has stalled around the 38.2% Fib level and is currently attempting a bearish move. The moving averages are still bearish and are steady, suggesting that price could continue to downtrend. Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the key Fib levels. Price could stall or reverse around the previous swing low at 1.2385.

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

NZDUSD – 1 Hour Chart

nzdusd-19-12-2016

Price is retracing some of the recent bearish swing lower. The moving averages are still bearish and are widening, suggesting that the downtrend could continue. Selling opportunities could exist around the bearish moving averages, around the identified horizontal resistance at 0.7010 and around any of the key Fib levels.

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

USDCAD – 1 Hour Chart

usdcad-19-12-2016

The USDCAD has been moving sideways and has formed a clear horizontal support at 1.3320. The moving averages are bullish and steady, suggesting that price could attempt a move higher. Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and if price moves above the horizontal resistance at 1.3395.

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

USDCHF – 1 Hour Chart

usdchf-19-12-2016

The bearish retracement continued during Friday’s trading sessions but price seems to be finding support around the 38.2% Fib level (as suggested in Friday’s chart analysis). The moving averages are bullish and steady, suggesting that the USDCHF could attempt a move higher. Buying opportunities could exist around the key Fib levels and around the longer-term moving average.

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

USDJPY – 1 Hour Chart

usdjpy-19-12-2016

Just as a lot of USD pairs, the USDJPY has been retracing. Buying opportunities could exist around any of the key Fib levels and around the longer-term moving average. If price continues to retrace, a buying opportunity could exist around the trend support area.

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. There is a BOJ rate announcement and Press Conference overnight UTC.

XAUUSD – 1 Hour Chart

xauusd-19-12-2016

GOLD has been retracing some of the recent bearish move. The moving averages are bearish but are beginning to move sideways and tighten. Selling opportunities could exist around the longer-term moving average and around any of the key Fib levels. A selling opportunity could also exist around the previous swing low at 1152.50.