Intraday Forex Analysis – 1 Hour Charts – June 23, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 23.06.2017

The AUDUSD is looking a little indecisive and is moving between 2 clear horizontal levels at 0.7520 and 0.7625. Price action has formed a symmetrical triangle consolidation pattern – confirming the market indecision. The moving averages are bearish and steady though, signalling that the AUDUSD may attempt a bearish move. Trading opportunities could exist around the identified horizontal levels at 0.7520, 0.7575 and 0.7625, around the support and resistance of the symmetrical triangle and if price moves out of the symmetrical triangle (break-out trade). Shorting opportunities may exist around the moving averages.

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. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 23.06.2017

Price continues to be indecisive and lack trend direction. The moving averages confirm this – they have been crossing frequently and are moving sideways. Trading opportunities may exist around any of the identified horizontal levels at 0.8725, 0.8740, 0.8775, 0.8840 and 0.8865. If the EURGBP moves above the horizontal resistance at 0.8865, price may attempt a bullish move higher.

Article 50 has been triggered – the UK has started preparing negotiations for leaving the European Union. The Conservative government has lost some parliamentary seats and has had to form a minority government to stay in power.  There is concern that this decision may create more political and economic uncertainty for the UK. Recent economic indicators for the UK are suggesting an unexpected slow-down but the Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. 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 currency pair.

 

EURUSD – 1 Hour Chart

 

EURUSD - 23.06.2017

The EURUSD is ranging within a large horizontal channel at 1.1120-1.1205. The moving averages are tight and are moving sideways – confirming the current market indecision. Trading opportunities could exist around the range support and resistance areas and if price moves out of the range (break-out trade). The EURUSD has formed a bullish channel within the range. Buying opportunities may exist around the bullish channel support area. Price may stall or reverse around the bullish channel resistance area.

As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties 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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 23.06.2017

Price is down-trending and continues to retrace some of the recent bearish swing. The GBPUSD is currently around the 50.0% Fib level and the moving averages are still bearish, suggesting that price may attempt a swing lower. Selling opportunities could exist around the 50.0% and 61.8% Fib levels and around the trend resistance area. Price may stall or reverse around the previous swing low at 1.2595. If the GBPUSD moves above the trend resistance area, price could attempt a bullish move higher.

Article 50 has been triggered – the UK has started preparing negotiations for leaving the European Union.  The Conservative government has lost some parliamentary seats and has had to form a minority government to stay in power.  There is concern that this decision may create more political and economic uncertainty for the UK. Recent economic indicators for the UK are suggesting an unexpected slow-down but the Bank of England have an increased favour for increasing interest rates – creating more optimism and strength for the GBP. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 23.06.2017

As suggested in yesterday’s chart analysis, the NZDUSD moved above the symmetrical triangle resistance area and has since been bullish. Price continues to move within a horizontal channel at 0.7185-0.7315. The moving averages have just crossed bullish, suggesting that price may attempt a move towards the horizontal channel resistance area. Opportunities to go long could exist around the bullish moving averages and around the previous support and resistance of the symmetrical triangle pattern. Trading opportunities may exist around the horizontal channel support and resistance and if the NZDUSD moves out of the channel (break-out trade).

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. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 23.06.2017

Just like many currency pairs, the USDCAD is indecisive. Price is ranging between the horizontal levels at 1.3200 and 1.3340. The moving averages confirm the current market indecision – they have been crossing frequently and are providing no clear market direction. Trading opportunities could exist around the range support and resistance areas and if the USDCAD moves out of the range (break-out trade). If price breaks to the upside, the USDCAD may stall or reverse around the previous horizontal support at 1.3425.

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 recent sell-off in the OIL market has caused some Canadian Dollar weakness. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

Canadian CPI data will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 23.06.2017

Price continues to range within a horizontal channel at 0.9705-0.9760. The USDCHF is testing the range support area and the moving averages are bearish and are widening, all signalling that price could move lower. Trading opportunities may exist around the support and resistance of the range and if the USDCHF moves out of the range (break-out trade). If price breaks to the downside, the USDCHF may stall or reverse around the horizontal support at 0.9660.

As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 23.06.2017

The USDJPY is moving within a horizontal channel at 110.95-111.75. The moving averages are tight and are moving sideways – confirming the current market indecision. Trading opportunities could exist around the horizontal channel support and resistance areas and if price moves out of the range (break-out trade).

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. As expected, the US Federal Reserve rate has increased to 1.25%. Another rate hike is expected by the end of the calendar year. If political uncertainties continue in the US, there could be some weakness in the US Dollar, especially if the uncertainties intensify.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 23.06.2017

As suggested in yesterday’s chart analysis, GOLD found support around the previous horizontal channel resistance at 1247.10 and around the moving averages. Price continues to downtrend within a bearish channel. GOLD is currently retracing some of the recent bearish swing. The moving averages have crossed bullish, suggesting that price may struggle to move lower and could possibly move above the channel resistance area. Shorting opportunities could exist around the bearish channel resistance area. Long opportunities may exist around the bullish moving averages, around the horizontal levels at 1247.10 and 1242.35 and if price moves above the bearish channel resistance area.