Intraday Forex Analysis – 1 Hour Charts – January 11, 2017


AUDUSD – 1 Hour Chart

audusd-11-01-2017

As suggested in yesterday’s chart analysis, the AUDUSD was rejected and reversed bullish around the shorter-term moving average and has since moved higher. The moving averages are bullish and steady, suggesting that price could continue to uptrend. Buying opportunities could exist around the previous horizontal resistance at 0.7380, 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. This is followed by a speech by the President elect at 1600 UTC.

EURGBP – 1 Hour Chart

eurgbp-11-01-2017

Price has been bearish and has been retracing some of the recent bullish move (as suggested in yesterday’s chart analysis). The EURGBP is clearly up-trending. The moving averages are bullish and are widening, suggesting that price may attempt a swing higher. Buying opportunities could exist around the bullish moving averages, around the key Fib levels, around the trend support area and around the previous swing high at 0.8600.

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. This is followed by a BOE speech at 1415 UTC.

EURUSD – 1 Hour Chart

eurusd-11-01-2017

The EURUSD was bearish during yesterday’s trading sessions. Price action has formed a bullish consolidation pattern. The moving averages confirm the consolidation – they are tight but bullish. Buying opportunities could exist around the consolidation support and if price moves above the horizontal resistance at 1.0615.

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. This is followed by a speech by the President elect at 1600 UTC.

GBPUSD – 1 Hour Chart

gbpusd-11-01-2017

Price is ranging within a horizontal channel at 1.2120-1.2180. Trading opportunities could exist around the range support and resistance and if the GBPUSD moves out of the range (break-out trade). If price breaks to the upside, the GBPUSD may reverse bearish around the longer-term moving average or the previous horizontal support at 1.2225. The moving averages are bearish, suggesting that price could move lower.

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. This is followed by a BOE Speech at 1415 UTC. A US Crude Oil Inventories figure is set to be released at 1530 UTC. The President elect will speak at 1600 UTC.

NZDUSD – 1 Hour Chart

nzdusd-11-01-2017

The NZDUSD is looking choppy and indecisive. The moving averages confirm the lack of trend momentum – they are crossing frequently and are tight. Trading opportunities could exist around the identified support and resistance levels. If price moves above the horizontal resistance at 0.7040, the NZDUSD could start to rally. If price moves below the horizontal support at 0.6945, the NZDUSD could attempt a move lower.

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. This is followed by a speech by the President elect at 1600 UTC.

USDCAD – 1 Hour Chart

usdcad-11-01-2017

As suggested in yesterday’s chart analysis, price reversed around the horizontal channel support area and has been bullish. The EURUSD continues to range within the horizontal channel. The moving averages confirm the current indecision – they are tight and moving sideways. Trading opportunities could exist around the range support and resistance and if the USDCAD 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. This is followed by a speech by the President elect at 1600 UTC.

USDCHF – 1 Hour Chart

usdchf-11-01-2017

The USDCHF is consolidating. Price action has formed a symmetrical triangle pattern and price is moving within the pattern. The moving averages confirm the current indecision – they are tight and crossing frequently. Trading opportunities could exist around the consolidation support and resistance and if price moves out of the consolidation (break-out trade). Trading opportunities could also exist around the identified horizontal support and resistance levels.

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. This is followed by a speech by the President elect at 1600 UTC.

USDJPY – 1 Hour Chart

usdjpy-11-01-2017

Price continues to be choppy and indecisive. Trading opportunities could exist around the identified horizontal levels. If the USDJPY moves below the horizontal support at 115.25, price may attempt a move lower.

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. This is followed by a speech by the President elect at 1600 UTC.

XAUUSD – 1 Hour Chart

xauusd-11-01-2017

The moving averages are bullish and steady but GOLD is looking over-extended, suggesting that price may soon start retracing. If GOLD moves below the identified trend support line, price may become bearish and start retracing. Buying opportunities could exist around the bullish moving averages and around key Fib levels.