Intraday Forex Analysis – 1 Hour Charts – January 10, 2017


AUDUSD – 1 Hour Chart

audusd-10-01-2017

As suggested in yesterday’s chart analysis, price has bullish and has moved higher. The moving averages are still bullish but are beginning to tighten, suggesting that upside momentum could be weakening. Buying opportunities could exist around the dynamic support of the moving averages 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. A US Crude Oil Inventories figure is set to be released at 1530 UTC today.

EURGBP – 1 Hour Chart

eurgbp-10-01-2017

The EURGBP has been very bullish and has moved much higher (as suggested in yesterday’s chart analysis). Price is now looking a little over-extended, signalling that the EURGBP may soon retrace some of the recent bullish move. The moving averages are bullish though and are widening, suggesting that the buying momentum could continue. Buying opportunities could exist around the moving averages 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. UK Manufacturing Production data is set to be released at 0930 UTC today.

EURUSD – 1 Hour Chart

eurusd-10-01-2017

Price continues to look choppy and indecisive. The moving averages confirm the current indecision – they have crossed frequently and are providing no clear market direction. The EURUSD is currently reversing bearish off the horizontal resistance identified in yesterday’s chart analysis. Trading opportunities could exist around the horizontal levels at 1.0515 & 1.0615, around the identified trend line 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. A US Crude Oil Inventories figure is set to be released at 1530 UTC today.

GBPUSD – 1 Hour Chart

gbpusd-10-01-2017

As suggested in yesterday’s chart analysis, the GBPUSD has been very bearish and has formed a swing lower. Price action is now forming a clear horizontal channel at 1.2135-1.2170 and the GBPUSD is ranging. Trading opportunities could exist around the range support and resistance and if price moves out of the range (break-out trade). If the GBPUSD breaks to the upside, price may reverse bearish around either of the moving averages or around the previous horizontal support at 1.2225.

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 Production data is set to be released at 0930 UTC today. A US Crude Oil Inventories figure is set to be released at 1530 UTC today.

NZDUSD – 1 Hour Chart

nzdusd-10-01-2017

Price is looking a little choppy but the trend is up. The moving averages confirm this analysis – they have been crossing frequently but have also been bullish. If price retraces during today’s trading sessions, buying opportunities could exist around the moving averages and around the trend support line. Buying opportunities could also exist if the NZDUSD moves above the horizontal resistance at 0.7040.

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 Crude Oil Inventories figure is set to be released at 1530 UTC today.

USDCAD – 1 Hour Chart

usdcad-10-01-2017

As suggested in yesterday’s chart analysis, the USDCAD has been trading-off the horizontal channel support and resistance at 1.3195 & 1.3265. Price continues to range within the channel. The bearish moving averages are tightening – confirming the current lack of trend momentum. Trading opportunities could exist around the range support and resistance and if price moves out of the range (break-out trade).

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 Crude Oil Inventories figure is set to be released at 1530 UTC today.

USDCHF – 1 Hour Chart

usdchf-10-01-2017

The USDCHF was rejected and reversed bearish around the longer-term moving average (as suggested in yesterday’s chart analysis) and is attempting a swing lower. The bearish moving averages are tightening though, suggesting that price may struggle to form a lower low. Selling opportunities could exist around the dynamic resistance of the bearish moving averages. Buying opportunities could exist if the USDCHF tests the horizontal support and previous swing low at 1.0095.

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 Crude Oil Inventories figure is set to be released at 1530 UTC today.

USDJPY – 1 Hour Chart

usdjpy-10-01-2017

Price continues to look choppy and indecisive. The moving averages confirm the current indecision – they have crossed frequently and are providing no clear market direction. The USDJPY is currently reversing bullish off the horizontal support identified in yesterday’s chart analysis. Trading opportunities could exist around the identified horizontal levels at 115.25 & 117.50 and around 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. A US Crude Oil Inventories figure is set to be released at 1530 UTC today.

XAUUSD – 1 Hour Chart

xauusd-10-01-2017

GOLD has been bullish and has moved higher (as suggested in yesterday’s chart analysis). Price is looking a little over-extended and the bullish moving averages are starting to tighten, both suggesting that GOLD may be due a retracement or a sideways move. If price does start retracing, buying opportunities could exist around the trend support area, around the bullish moving averages and around the horizontal support at 1170.80.