Intraday Forex Analysis – 1 Hour Charts – July 24, 2017


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 24.07.2017

Price is indecisive and is moving within a horizontal channel at 0.7875-0.7965. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could exist around the horizontal channel support and resistance areas and if the AUDUSD moves out of the channel (break-out trade). If price breaks to the downside, the AUDUSD may stall or reverse around the previous swing high at 0.7835.

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. Recent Monetary Policy Minutes have detailed that the Australian economy is improving. This has caused greater bullish momentum. The US Federal Reserve rate recently increased rates 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 political uncertainties intensify.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 24.07.2017

As suggested in Friday’s chart analysis, price was rejected around the previous resistance at 0.8935 and then moved higher. The EURGBP is now retracing some of the recent bullish swing. The moving averages are bullish and are widening, signalling that price may attempted another move higher. Buying opportunities could exist around the previous swing highs at 0.8935 and 0.8895, around the dynamic support of the moving averages and around the trend support area.

Article 50 has been triggered – the UK has started 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 and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 24.07.2017

The EURUSD has moved higher and continues to uptrend (as suggested in Friday’s chart analysis). Price is now pulling-back and retracing some of the recent bullish swing. The moving averages are bullish and are steady, suggesting that the upside momentum could continue. Long opportunities may exist around the moving averages, around the previous swing high at 1.1580 and around the trend support area. A bullish move could stall or reverse around the recent swing high at 1.1680.

The US Federal Reserve rate recently increased rates 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 political uncertainties intensify. The ECB have announced that the economic future of the Eurozone is looking more stable and that deflation and economic slow-down is low-risk. This has caused added strength for the Euro.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 24.07.2017

Price has moved out of the bearish channel and is now looking a little indecisive. The moving averages are bearish but the GBPUSD is above the moving averages and price action has formed a bullish channel – price action and the moving averages providing conflicting signals. It is possible that price could start ranging between the horizontal levels at 1.2940 and 1.3020. Trading opportunities may exist around the range support and resistance areas and if the GBPUSD moves out of the range (break-out trade). A bullish move could stall or reverse around the horizontal resistance levels at 1.3050 and 1.3120.

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 US Federal Reserve rate recently increased rates 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 political uncertainties intensify.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 24.07.2017

As suggested in Friday’s chart analysis, price has continued to move higher and is forming a clear uptrend. The NZDUSD is now retracing some of the recent bullish swing. Price action has formed a bullish channel and the moving averages are bullish and are steady, all suggesting that price may attempt a move higher. Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the previous consolidation resistance at 0.7375. A bullish move may stall or reverse around the bullish channel resistance area.

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. The US Federal Reserve rate recently increased rates 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 political uncertainties intensify.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 24.07.2017

The USDCAD found resistance around the channel resistance area and around the shorter-term moving average and continues to downtrend (as suggested in Friday’s chart analysis). Price is down-trending within a bearish channel and has been clearly moving off the channel support and resistance areas. The moving averages are bearish and are steady, signalling that the selling momentum could continue. Shorting opportunities may exist around the bearish moving averages and around the bearish channel resistance area. Price action has formed a tight horizontal channel at 1.2525-1.2550. Trading opportunities could exist when the USDCAD moves out of the horizontal channel (break-out trade). A bearish move may stall or reverse around the bearish channel support area.

The Bank of Canada recently raised rates to 0.75%. The US Federal Reserve rate recently increased rates 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 political uncertainties intensify.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 24.07.2017

As suggested in Friday’s chart analysis, price has continued to be bearish and downtrend. The USDCHF is currently retracing some of the recent bearish move. The moving averages are bearish and are steady, suggesting that the downside momentum could continue. Selling opportunities may exist around the bearish moving averages, around the previous swing low at 0.9525 and around the trend resistance area. A bearish move could stall or reverse around the recent low at 0.9440.

The US Federal Reserve rate recently increased rates 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 political 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 intensify.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 24.07.2017

Price moved below the range support area and has since been bearish (as suggested in Friday’s chart analysis). The USDJPY is clearly down-trending – price has formed a long series of lower swing lows and lower swing highs. The moving averages are bearish and are steady, suggesting that price may move lower. Selling opportunities could exist around the dynamic resistance of the moving averages, around the previous range support at 111.60 and around the trend resistance area.

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 intensify. The US Federal Reserve rate recently increased rates 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 political uncertainties intensify.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 24.07.2017

As suggested in Friday’s chart analysis, GOLD has been moving higher and continues to be bullish. Price is up-trending within a bullish channel. The moving averages are bullish and are steady, signalling that the buying momentum may continue. Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the previous horizontal resistance at 1243.80. A bullish move may stall or reverse around the channel resistance area.