Intraday Forex Analysis – 1 Hour Charts – January 30, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 30.01.2017

As suggested in Friday’s chart analysis, the AUDUSD was rejected around the trend resistance and longer-term moving average and has since struggled to move higher. The moving averages continue to be bearish but they are moving slightly sideways, suggesting that the selling momentum is weak. Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the identified horizontal resistance levels. A shorting opportunity could also exist if price moves below the horizontal support at 0.7515.

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. Trump’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

EURGBP – 1 Hour Chart

EURGBP - 30.01.2017

Price has been retracing some of the recent bearish move. The EURGBP is currently finding resistance around the 38.2% Fib level and the longer-term moving average (as suggested in Friday’s chart analysis). The moving averages are bearish, suggesting that price may attempt a swing lower. If the EURGBP continues to retrace and be bullish, selling opportunities could exist around any of the key Fib levels, around the longer-term moving average and around the identified trend resistance.

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 has provided Brexit negotiation details and announced what deal the UK government would like as they leave the EU. This has given strength to the GBP. The UK Supreme Court has ruled that triggering article 50 and the Brexit negotiations will need to go through British parliament. There is no major scheduled news that will directly impact this pair during today’s trading sessions.

EURUSD – 1 Hour Chart

EURUSD - 30.01.2017

The EURUSD is looking choppy and a little indecisive. The moving averages are bearish though, signalling that price could move lower. Trading opportunities could exist around the identified horizontal levels, around the moving averages and around the trend resistance. If the EURUSD moves below the horizontal support at 1.0660, price could attempt a bearish move lower.

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. Trump’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

GBPUSD – 1 Hour Chart

GBPUSD - 30.01.2017

Price has been retracing some of the recent bullish move and has been bearish. The moving averages are tightening and could cross bearish, suggesting that the GBPUSD could still move lower. Long opportunities could exist around the horizontal support at 1.2525 and around any of the key Fib levels. Price could stall or reverse around the previous swing high at 1.2660.

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. British Prime Minister Theresa May has provided Brexit negotiation details and announced what deal the UK government would like as they leave the EU. This has given strength to the GBP. The UK Supreme Court has ruled that triggering article 50 and the Brexit negotiations will need to go through British parliament. There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

NZDUSD – 1 Hour Chart

NZDUSD - 30.01.2017

As suggested in Friday chart analysis, the head and shoulder neckline held and the NZDUSD moved bullish off the horizontal support at 0.7230. Price is looking choppy but is moving within a bullish channel. The moving averages confirm the slight indecision – they are tight and moving sideways. Buying opportunities could exist around the horizontal support levels at 0.7215 & 0.7230 and around the bullish channel support area. If price moves below these support areas, the NZDUSD may start down-trending.

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. Trump’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

USDCAD – 1 Hour Chart

USDCAD - 30.01.2017

Price is lacking clear direction and is looking a little indecisive. The moving averages have crossed frequently – confirming the current lack of market direction. Trading opportunities could exist around the identified support and resistance areas and around the moving averages.

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. Trump’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

USDCHF – 1 Hour Chart

USDCHF - 30.01.2017

The USDCHF reversed bearish around the horizontal channel resistance (as suggested in Friday’s chart analysis) and has since found support around the horizontal channel support. Price continues to range within the horizontal channel. The moving averages confirm the current market indecision – they are tight and moving sideways. Trading opportunities could exist around the range support and resistance and if price moves out of the range (break-out trade). If the USDCHF breaks to the upside, price could reverse bearish around the trend resistance area.

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. Trump’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is no major scheduled news that will directly impact this currency pair during today’s trading sessions.

USDJPY – 1 Hour Chart

USDJPY - 30.01.2017

Price continues to look choppy and is ranging within a horizontal channel at 112.55-115.50. The moving averages are crossing frequently and moving sideways – confirming the current indecision. Trading opportunities could exist around the range support and resistance areas and if the USDJPY moves out of the horizontal channel (break-out trade). Long opportunities could exist around the potential trend support area.

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. Trump’s latest speech provided no fiscal or economic stimulus details, causing the US Dollar to weaken. There is a Bank of Japan rate announcement around 0500 UTC tomorrow morning. This is followed by a Press Conference at 0630 UTC.

XAUUSD – 1 Hour Chart

XAUUSD - 30.01.2017

As suggested in Friday’s chart analysis, GOLD reversed around the previous horizontal support and has since been bearish. The moving averages are bearish and are widening, signalling that price could continue to move lower. Selling opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal resistance at 1196.00.