Intraday Forex Analysis – 1 Hour Charts – January 02, 2017


There are several bank holidays during today’s trading sessions. Markets could be quiet.

AUDUSD – 1 Hour Chart

audusd-02-01-2017

Price has been bearish and is retracing some of the recent bullish move. The moving averages are bullish though and are widening, suggesting that the AUDUSD could move higher. Buying opportunities could exist around the horizontal support at 0.7165 and if price moves above the horizontal resistance at 0.7245.

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-02-01-2017

As suggested in our last chart analysis, the EURGBP found support around the trend support area but has since moved lower. Price is now looking a little choppy and there are very few areas of trading opportunities. The moving averages are bullish, suggesting that there could be some upside movement.

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-02-01-2017

The EURUSD is currently retracing. Price action and the moving averages both still suggest that the EURUSD 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 around the trend support area. Price could stall or reverse around the horizontal resistance at 1.0590. A buying opportunity could exist if the EURUSD moves above this 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. There is no major scheduled news today that will directly impact this pair.

GBPUSD – 1 Hour Chart

gbpusd-02-01-2017

As suggested in our last chart analysis, price moved above the range resistance area and has since been bullish. The moving averages have crossed bullish and are widening, suggesting that the GBPUSD could move higher. Buying opportunities could exist around the previous range resistance at 1.2300m around the bullish moving averages, around the identified trend support line and if price moves above the horizontal resistance at 1.2385. The GBPUSD could also stall or reverse around the horizontal resistance 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 today that will directly impact this pair.

NZDUSD – 1 Hour Chart

nzdusd-02-01-2017

The NZDUSD is lacking buying momentum and has stayed within the potential horizontal channel at 0.6865-0.6975 (as suggested in our last chart analysis). The moving averages are bullish but they could start tightening and move 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

usdcad-02-01-2017

Price continues to retrace and has nearly reversed all of the recent bullish move. The moving averages are bearish and are widening, suggesting that the USDCAD could still move lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the diagonal resistance area.

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-02-01-2017

As suggested in our last chart analysis, the USDCHF moved strongly off the previous range support at 1.0230 and has been bearish. Price is now retracing but the moving averages are bearish and are widening, suggesting that the USDCHF could attempt another move lower. Selling opportunities could exist around any of the key Fib levels and around the resistance of the moving averages. Price could stall or reverse around the horizontal support at 1.0145.

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-02-01-2017

Price found resistance at the longer-term moving average and the 61.8% Fib level (as suggested in our last chart analysis) but the bearish move was short-lived. The moving averages are still bearish and are widening, suggesting that the USDJPY may attempt another bearish move. Selling opportunities could exist around the longer-term moving average and around the 50.0% and 61.8% Fib levels. Price could also find resistance around the horizontal resistance at 117.80.

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

xauusd-02-01-2017

GOLD has continued to retrace and be bearish but is now reaching some clear support areas. Price action and the moving averages both suggest that GOLD could move higher. Buying opportunities could exist around the longer-term moving average, around the horizontal support at 1149.65 and around the trend support area.