Intraday Forex Analysis – 1 Hour Charts – January 17, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 17.01.2017

As suggested in yesterday’s chart analysis, the AUDUSD found support around the trend support, longer-term moving average and 23.6% Fib level and has moved higher. The moving averages are bullish but are tight, suggesting that buying momentum could be weakening. Long opportunities could exist around the previous horizontal resistance levels at 0.7500 and 0.7515, around the bullish 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. 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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today.

EURGBP – 1 Hour Chart

EURGBP - 17.01.2017

Price continues to retrace and be bearish. The moving averages continue to be bullish though and are widening, suggesting that the uptrend could continue. 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 0.8750.

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. British Prime Minister Theresa May will speak today and detail the governments plans for Brexit. This event is likely to cause volatility across GBP pairs. UK CPI data is set to be released at 0930 UTC.

EURUSD – 1 Hour Chart

EURUSD - 17.01.2017

The EURUSD is looking slightly choppy but is moving in a general upwards direction. The moving averages confirm the current price action – they are bullish but are tight. Buying opportunities could exist around the dynamic support of the moving averages and around the identified horizontal support levels. Long opportunities could also exist if the EURUSD moves above the horizontal resistance and previous swing high at 1.0675.

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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 17.01.2017

As suggested in yesterday’s chart analysis, price reversed bearish around the previous swing low at 1.2070 but the attempt to swing lower failed and the GBPUSD has since been bullish. Price is now finding resistance around the 38.2% Fib level. Selling opportunities could exist around the previous horizontal support at 1.2135, around the dynamic resistance of the moving averages, around any of the key Fib levels and around the trend resistance area. The moving averages are bearish and widening, 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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today. British Prime Minister Theresa May will speak today and detail the governments plans for Brexit. This event is likely to cause volatility across GBP pairs. UK CPI data is set to be released at 0930 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 17.01.2017

The NZDUSD has been bullish and has moved higher (as suggested in yesterday’s chart analysis). The moving averages continue to be bullish and steady, suggesting that price could continue to uptrend. If the NZDUSD pulls-back before attempting a move higher, buying opportunities could exist around the previous horizontal resistance levels at 0.7125 and 0.7135, around the bullish moving averages and around the trend support area.

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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today. A New Zealand GDT Price Index figure should be released around 1430-1530 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 17.01.2017

Price continues to downtrend and be bearish. The moving averages are bearish but are tight, suggesting that selling momentum could be weakening. The USDCAD could reverse bullish around the previous swing low at 1.3045. Selling opportunities could exist around the dynamic resistance of the moving averages and around the identified horizontal levels.

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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 17.01.2017

As suggested in yesterday’s chart analysis, the USDCHF reversed bearish around the longer-term moving average and has since been bearish. The moving averages are bearish, signalling that price could move lower. Selling opportunities could exist around the previous horizontal support levels at 1.0060 and 1.0070, around the trend resistance area and around the bearish moving averages.

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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 17.01.2017

Price found resistance around the trend resistance area and continued it’s bearish run during yesterday’s trading sessions (as suggested in yesterday’s chart analysis). The moving averages continue to be bearish, suggesting that the USDJPY could move lower. Selling opportunities could exist around the trend resistance area, around the previous horizontal support at 113.80 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. The President Elect’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a US Treasury Speech at 1500 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 17.01.2017

GOLD continues to be bullish and uptrend. The moving averages are bullish and steady, suggesting that the uptrend could continue. Buying opportunities could exist around the previous horizontal resistance at 1206.00, around the dynamic support of the moving averages and around the trend support area.