Intraday Forex Analysis – 1 Hour Charts – January 03, 2017


AUDUSD – 1 Hour Chart

audusd-03-01-2017

The AUDUSD continues to range and move within the horizontal channel at 0.7165-0.7245. The moving averages are bullish but they do confirm the lack of directional momentum – they are fairly tight and moving slight sideways. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade).

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 Manufacturing PMI data is set to be released at 1500 UTC today.

EURGBP – 1 Hour Chart

eurgbp-03-01-2017

Price is below the moving averages and the moving averages are moving sideways, suggesting a lack of buying momentum. The EURGBP is looking a little choppy and there are very few areas of trading opportunities.

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 Manufacturing PMI data is set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

eurusd-03-01-2017

The EURUSD is currently retracing. Price action and the moving averages both still suggest that the EURUSD could attempt a move higher, though price is below the moving averages and is currently very bearish.. Buying opportunities could exist around the dynamic support of the moving averages, around the 61.8% Fib level and around the trend support area. Price could stall or reverse around the horizontal resistance at 1.0590.

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 Manufacturing PMI data is set to be released at 1500 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-03-01-2017

Price has moved below the potential support area at 1.2300 but the GBPUSD still looks bullish. The moving averages are bullish and are widening, suggesting that price could move higher. Buying opportunities could exist 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. UK Manufacturing PMI data is set to be released at 0930 UTC today. This is followed by US Manufacturing PMI data at 1500 UTC.

NZDUSD – 1 Hour Chart

nzdusd-03-01-2017

As suggested in yesterday’s chart analysis, the NZDUSD has moved off the horizontal resistance at 0.6970 and is still ranging. The moving averages are bullish, suggesting that price may attempt to break to the upside of the current horizontal channel (0.6865-0.6975). 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. US Manufacturing PMI data is set to be released at 1500 UTC today. A New Zealand GDT Price Index figure will likely be released around 1430-1530 UTC.

USDCAD – 1 Hour Chart

usdcad-03-01-2017

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. US Manufacturing PMI data is set to be released at 1500 UTC today.

USDCHF – 1 Hour Chart

usdchf-03-01-2017

The USDCHF is retracing and is currently bullish. The moving averages are bearish though and are widening, suggesting that price may attempt to move lower. Selling opportunities could exist around the dynamic resistance of the longer-term moving average and around the 61.8% Fib level. Price could stall or reverse around the previous swing low 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. US Manufacturing PMI data is set to be released at 1500 UTC today.

USDJPY – 1 Hour Chart

usdjpy-03-01-2017

Price has been very bullish and has moved higher. The moving averages are starting to tighten and look more bullish, suggesting that the USDJPY could attempt a move above the horizontal resistance at 117.85. Buying opportunities could exist if price moves above the horizontal resistance area and around the identified diagonal support.

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. US Manufacturing PMI data is set to be released at 1500 UTC today.

XAUUSD – 1 Hour Chart

xauusd-03-01-2017

As suggested in yesterday’s chart analysis, GOLD found support around the trend support area and was bullish. Price action is now forming a tightening consolidation pattern. The moving averages are bullish and are widening, suggesting that GOLD may attempt to move higher. Trading opportunities could exist around the consolidation support and resistance and if price moves out of the consolidation (break-out trade). Buying opportunities could exist around the longer-term moving average and if price moves above the horizontal resistance at 1161.50.