Intraday Forex Analysis – 1 Hour Charts – January 06, 2017

AUDUSD – 1 Hour Chart

Price has been bullish and has moved higher (as suggested in yesterday’s chart analysis). The moving averages are still bullish and are widening, suggesting that the AUDUSD could continue to be bullish. Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous 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. A US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

EURGBP – 1 Hour Chart

The EURGBP continues to be indecisive and look choppy. The moving averages are still moving sideways and have crossed again, 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. If price moves below the horizontal support at 0.8455, the EURGBP could move much lower.

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

Price was very bullish during yesterday’s trading sessions but the EURUSD continues to look choppy and indecisive. The moving averages have been crossing frequently – confirming the current market indecision. Trading opportunities could exist around the identified horizontal levels and around the moving averages. If price moves above the horizontal resistance at 10605, the EURUSD may attempt a move higher.

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 US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

GBPUSD – 1 Hour Chart

The GBPUSD has moved higher and has been bullish. The moving averages have crossed bullish and are widening, suggesting that the uptrend could continue. Buying opportunities could exist around the potential bullish channel support area and around the dynamic support of the moving averages.

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. A US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

NZDUSD – 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed bullish around the previous horizontal resistance and the moving averages and has since been bullish. The moving averages are bullish and are widening, suggesting that the NZDUSD could move higher. Buying opportunities could exist around the trend support areas, around the bullish moving averages and if price moves above the horizontal resistance at 0.7025. Price may stall or reverse around the 0.7025 horizontal resistance.

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. A US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

USDCAD – 1 Hour Chart

Price reversed bearish around the 23.6% Fib level (as suggested in yesterday’s chart analysis) and has since moved much lower. The moving averages are bearish and are widening, suggesting that the USDCAD could move even lower. Selling opportunities could exist around the dynamic resistance of the moving averages and around the trend 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. A US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

USDCHF – 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCHF moved below the horizontal support at 1.0145 and has since been bearish. Price may now start down-trending. Selling opportunities could exist around the previous range support at 1.0145, around any of the key Fib levels and around the bearish moving averages. The moving averages have crossed bearish and are widening, suggesting that price could 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. A US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

USDJPY – 1 Hour Chart

Price continues to look choppy and indecisive. The moving averages confirm this – they have crossed several times and are providing no clear market direction. There are very few areas that could provide trading opportunities during today’s trading sessions.

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. A US NFP Figure is set to be released at 1330 UTC today. US Unemployment data is set to be released at the same time.

XAUUSD – 1 Hour Chart

GOLD was bullish during yesterday’s trading sessions (as suggested in yesterday’s chart analysis) but is now retracing. The moving averages are bullish, suggesting that price could move higher. Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the trend support area.

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