Intraday Forex Analysis – 1 Hour Charts – December 30, 2016


AUDUSD – 1 Hour Chart

audusd-30-12-2016

The AUDUSD has moved above the horizontal channel and has been slightly bullish (as suggested in yesterday’s chart analysis). Price is now around the previous range resistance at 0.7215 and the moving averages are slightly bullish, suggesting that price could attempt a move higher. Buying opportunities could exist around the previous range resistance and around the dynamic support of the moving averages.

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

EURGBP – 1 Hour Chart

eurgbp-30-12-2016

As suggested in yesterday’s chart analysis, price found support around the previous horizontal resistance at 0.8535 and has been bullish. The moving averages are bullish and are steady, suggesting that the EURGBP could attempt a move higher. Buying opportunities could exist around the moving averages, around the potential horizontal support at 0.8540 and around the trend support area.

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

EURUSD – 1 Hour Chart

eurusd-30-12-2016

Price has moved out of the recent range and is now higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and could be widening, suggesting that the EURUSD may attempt another bullish move. Buying opportunities could exist around the previous channel resistance at 1.0480 and around the bullish moving averages.

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

GBPUSD – 1 Hour Chart

gbpusd-30-12-2016

As suggested in yesterday’s chart analysis, the GBPUSD has reversed bearish around the horizontal resistance at 1.2300 and is ranging. The moving averages confirm the lack of direction – they are moving sideways. Trading opportunities could exist around the range support and resistance areas 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. 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 today that will directly impact this pair.

NZDUSD – 1 Hour Chart

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Price was bullish during yesterday’s trading sessions and has moved above the potential range (as suggested in yesterday’s trading sessions). The NZDUSD is still lacking clear momentum though and could still range between the identified support and resistance. The moving averages confirm this – they are bullish but are almost moving sideways. Trading opportunities could exist around the moving averages, around the range support and resistance areas and if price moves out of the range (break-out trade).

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 today that will directly impact this pair.

USDCAD – 1 Hour Chart

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As suggested in yesterday’s chart analysis, price continues to retrace and be bearish. The USDCAD has not found support yet. The moving averages have crossed bearish and are widening, signalling the strength of the recent bearish move. Buying opportunities could exist around the 61.8% Fib level.

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 today that will directly impact this pair.

USDCHF – 1 Hour Chart

usdchf-30-12-2016

The USDCHF moved out of the horizontal channel but has returned to the channel support. The moving averages are bearish and widening, suggesting that price could move lower. Selling opportunities could exist around the previous channel support at 1.0220 and around the dynamic resistance of the moving averages.

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 today that will directly impact this pair.

USDJPY – 1 Hour Chart

usdjpy-30-12-2016

As suggested in yesterday’s chart analysis, price moved below the horizontal channel support area and was bearish during yesterday’s trading sessions. The moving averages are bearish and are widening, signalling that the USDJPY could move lower. Selling opportunities could exist around the previous channel support at 117.10, around the longer-term moving average and around the 61.8% Fib level.

The Bank of Japan have kept interest rates at a low of -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 no major scheduled news today that will directly impact this pair.

XAUUSD – 1 Hour Chart

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GOLD has been bullish and has moved much higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and are widening, suggesting that price could still move higher. GOLD is currently retracing some of the recent bullish move. Buying opportunities could exist around any of the key Fib levels, around the horizontal support at 1149.75 and around the dynamic support of the moving averages.