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


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 30.05.2017

As suggested in yesterday’s chart analysis, the AUDUSD is ranging between the horizontal levels at 0.7425-0.7460 and price has been moving off the range support and resistance areas. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). The moving averages are bearish and are steady, signalling that the AUDUSD may break to the downside. Selling opportunities may exist around the moving averages. If price breaks to the upside, the AUDUSD may stall or reverse around the swing high at 0.7515.

The Reserve Bank of Australia (RBA) recently decided to hold rates at 1.50%. The Australian Dollar continues to be attractive to currency investors due to the yield on carry trades but there is no major economic indicator that suggests that the RBA will raise rates any time soon. The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify.

A US Consumer Confidence figure will be released at 1400 UTC today.

 

EURGBP – 1 Hour Chart

 

EURGBP - 30.05.2017

The EURGBP has continued to retrace and is now around the bullish channel support area. The moving averages are bullish and are steady, suggesting that price may attempt another bullish move. Long opportunities could exist around the bullish channel support area, around the longer-term moving average and around the previous horizontal resistance at 0.8665. The EURGBP may stall or reverse around the bullish channel resistance area. If price moves below the horizontal level at 0.8665, the EURGBP may attempt a bearish move.

Article 50 has been triggered – the UK has started negotiations on leaving the European Union. The British Prime Minister has announced a general election to be held on 8th June. The purpose of this election is to form a majority government in order to strengthen government unity. Recent economic indicators for the UK are suggesting an unexpected slow-down. The Bank of England recently kept rates at 0.25% and announced that wage growth is stagnant while inflation is increasing, causing some concerns for the UK economy. The ECB have announced that the economic future of the Eurozone is looking more stable. There are some concerns though that the UK leaving the EU may weaken the European economy and weaken the Euro.

There is no major scheduled news today that will directly impact this pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 30.05.2017

As suggested in yesterday’s chart analysis, price moved below the consolidation support area and has since been bearish. The moving averages are bearish and are widening, signalling that the EURUSD could start down-trending. Shorting opportunities may exist around the previous horizontal support at 1.1160, around the dynamic resistance of the moving averages and around the diagonal resistance area. Price may stall or reverse around the horizontal support at 1.1080.

The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify. The ECB have announced that the economic future of the Eurozone is looking more stable. There are some concerns though that the UK leaving the EU may weaken the European economy and weaken the Euro.

A US Consumer Confidence figure will be released at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 30.05.2017

Price has attempted to swing lower (as suggested in yesterday’s chart analysis) but the GBPUSD has been rejected around the previous swing low. Price is now moving within a horizontal channel at 1.2790-1.2850. Trading opportunities could exist around the horizontal channel support and resistance areas and if the GBPUSD moves out of the channel (break-out trade). The moving averages are bearish and are widening, signalling that price may break to the downside. If the GBPUSD breaks to the upside, price may stall or reverse around the longer-term moving average and around the previous channel support area (as resistance).

Article 50 has been triggered – the UK has started negotiations on leaving the European Union. The British Prime Minister has announced a general election to be held on 8th June. The purpose of this election is to form a majority government in order to strengthen government unity. Recent economic indicators for the UK are suggesting an unexpected slow-down. The Bank of England recently kept rates at 0.25% and announced that wage growth is stagnant while inflation is increasing, causing some concerns for the UK economy. The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify.

A US Consumer Confidence figure will be released at 1400 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 30.05.2017

As suggested in yesterday’s chart analysis, the NZDUSD has reversed around the bullish channel resistance area and is now finding support around the longer-term moving average. Price continues to uptrend within the bullish channel. The moving averages are bullish and are widening, suggesting that the buying momentum could continue. Buying opportunities may exist around the moving averages and around the channel support area. The NZDUSD may stall or reverse around the channel resistance area. If price moves below the channel support, the NZDUSD may attempt a bearish move.

The Reserve Bank of New Zealand recently kept rates at 1.75% and announced that there will not be a rate hike in the foreseeable future. This has caused some weakness. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify.

A US Consumer Confidence figure will be released at 1400 UTC today.  This is followed by a Reserve Bank of New Zealand Financial Stability Report at 2100 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 30.05.2017

The USDCAD is moving within a horizontal channel at 1.3435-1.3490. The moving averages confirm the current indecision – they are tight. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the channel (break-out trade). If the USDCAD breaks to the upside, price may stall or reverse around the horizontal resistance at 1.3540.

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. The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify.

A US Consumer Confidence figure will be released at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 30.05.2017

As suggested in yesterday’s chart analysis, price has moved above the range resistance area and has since been bullish. The USDCHF is now moving within a larger range at 0.9690-0.9810. The moving averages have been crossing frequently (confirming the indecisive market) but have just crossed bullish and are widening, suggesting that price may move higher. Trading opportunities could exist around the range support and resistance areas and if the USDCHF moves out of the range (break-out trade). Buying opportunities could exist around the previous resistance at 0.9770 and around the moving averages.

The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify. The Swiss National Bank recently decided to keep rates at -0.75%. The CHF could strengthen if political uncertainty in the US or Europe intensifies.

A US Consumer Confidence figure will be released at 1400 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 30.05.2017

Price has reversed bearish around the shorter-term moving average and around the trend resistance area (as suggested in yesterday’s chart analysis). The moving averages are bearish and are widening, signalling that the USDJPY could move lower. Shorting opportunities may exist around the trend resistance area and around the dynamic resistance of the moving averages. Price may stall or reverse around the swing low at 110.30. If the USDJPY moves above the trend resistance area, price may attempt a move higher.

The Bank of Japan have kept interest rates at a low of -0.10%. The Yen may see added strength if political uncertainty in the US or Europe intensifies. The US Federal Reserve have kept rates at 1.00%. The next rate hike is expected in June 2017 though US political uncertainties continue. These events may cause weakness in the US Dollar, especially if they intensify.

A US Consumer Confidence figure will be released at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 30.05.2017

As suggested in yesterday’s chart analysis, GOLD has been finding resistance around the bullish channel resistance area. Price continues to uptrend within the bullish channel. The moving averages are bullish and are widening, signalling that the buying momentum could continue. Opportunities to go long may exist around the moving averages, around the previous horizontal resistance at 1263.85 and around the channel support area. GOLD may stall or reverse around the channel resistance area.