Intraday Forex Analysis – 1 Hour Charts – January 05, 2017


AUDUSD – 1 Hour Chart

audusd-05-01-2017

As suggested in yesterday’s chart analysis, the AUDUSD moved above the range resistance area and has since been bullish. The moving averages are bullish and are widening, suggesting that price could still move higher. If the AUDUSD retraces before attempting a swing higher, buying opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 0.7245 and around the trend support area.

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 Non-Farm Employment Change data is set to be released at 1315 UTC today. This is followed by US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

EURGBP – 1 Hour Chart

eurgbp-05-01-2017

Price continues to be indecisive but the EURGBP is currently very bullish. The moving averages are still moving sideways, suggesting that there is yet no clear market direction. Trading opportunities could exist around the identified horizontal levels. If price moves above the horizontal resistance at 0.8600, the EURGBP could attempt to rally higher.

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

EURUSD – 1 Hour Chart

eurusd-05-01-2017

The EURUSD has been very bullish but overall price is looking choppy and indecisive. The moving averages confirm this- they have crossed several times and are providing no clear market direction. Trading opportunities could exist around the identified horizontal levels and around the 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. US Non-Farm Employment Change data is set to be released at 1315 UTC today. This is followed by US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

GBPUSD – 1 Hour Chart

gbpusd-05-01-2017

Price action has formed 2 horizontal channels at 1.2225-1.2385 and 1.2200-1.2385 and the GBPUSD is ranging within these channels. The moving averages confirm the lack of trend direction – they are very tight and moving sideways. Trading opportunities could exist around the horizontal channels support and resistance areas and if price moves out of either of the channels (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. UK Services PMI data is set to be released at 0930 UTC today. This is followed by US Non-Farm Employment Change data is set to be released at 1315 UTC, US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

NZDUSD – 1 Hour Chart

nzdusd-05-01-2017

As suggested in yesterday’s chart analysis, the NZDUSD moved above the horizontal channel resistance and then moved higher. The moving averages could cross bullish during today’s trading sessions, suggesting that price could move higher. Buying opportunities could exist around the previous range resistance at 0.6975, around the dynamic support of the moving averages and around the identified trend support line.

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 Non-Farm Employment Change data is set to be released at 1315 UTC today. This is followed by US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

USDCAD – 1 Hour Chart

usdcad-05-01-2017

Price moved below the range support and has since been very bearish (as suggested in yesterday’s chart analysis). The USDCAD could now be retracing, creating some possible shorting opportunities. The moving averages are bearish, suggesting that price could move lower. Selling opportunities could exist around any of the key Fib levels, around the bearish moving averages, around the identified trend resistance area and around the previous range support at 1.3400.

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 Non-Farm Employment Change data is set to be released at 1315 UTC today. This is followed by US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

USDCHF – 1 Hour Chart

usdchf-05-01-2017

The USDCHF is looking choppy and indecisive. The moving averages confirm this- they have crossed several times and are providing no clear market direction. Trading opportunities could exist around the identified horizontal levels and around the moving averages. If price moves below the horizontal support at 1.0145, the USDCAD could attempt a move lower.

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 Non-Farm Employment Change data is set to be released at 1315 UTC today. This is followed by US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

USDJPY – 1 Hour Chart

usdjpy-05-01-2017

Price has been very bearish and has moved below the horizontal support at 116.20. Price action has formed a lower low and the bullish moving averages are tightening, suggesting that the USDJPY could attempt another move lower. Selling opportunities could exist around previous swing low and horizontal support at 116.20 and around the dynamic resistance of the moving averages.

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 Non-Farm Employment Change data is set to be released at 1315 UTC today. This is followed by US Unemployment Claims at 1330 UTC, US Non-Manufacturing data at 1500 UTC and finally US Crude Oil Inventories at 1600 UTC.

XAUUSD – 1 Hour Chart

xauusd-05-01-2017

As suggested in yesterday’s chart analysis, GOLD moved above the horizontal resistance at 1162.10 and has since been bullish. The moving averages are bullish, suggesting that the uptrend could continue. Buying opportunities could exist around the bullish moving averages, around the horizontal support at 1162.10 and around the trend support area.