Intraday Forex Analysis – 1 Hour Charts – February 09, 2017


AUDUSD – 1 Hour Chart

AUDUSD - 09.02.2017

As suggested in yesterday’s chart analysis, price was rejected around the diagonal resistance area and has since been bearish. The AUDUSD is finding support at 0.7610 and has formed a tightening consolidation price pattern. The moving averages are bearish and steady, suggesting that the AUDUSD could still move lower. Selling opportunities could exist around the moving averages and around the consolidation resistance area. Selling opportunities could also exist if price moves below the horizontal support at 0.7610.

The Bank of Australia 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. 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 will be a speech by the Reserve Bank of Australia at 0900 UTC today. US Unemployment Claims data will be released at 1330 UTC. A Reserve Bank of Australia Monetary Policy Statement will be announced at 0030 UTC.

EURGBP – 1 Hour Chart

EURGBP - 09.02.2017

The EURGBP is looking choppy and indecisive. The moving averages confirm this – they are crossing frequently and providing no clear trend direction. Trading opportunities could exist around the moving averages and around the identified horizontal levels.

The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. 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. There will be a Bank of England Speech at 1830 UTC today.

EURUSD – 1 Hour Chart

EURUSD - 09.02.2017

Price continues to be indecisive and choppy. The moving averages were crossing often but have recently been bearish and are currently widening, suggesting that the EURUSD could move lower. Trading opportunities may exist around the identified support and resistance areas and around the moving averages.

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, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

GBPUSD – 1 Hour Chart

GBPUSD - 09.02.2017

The GBPUSD continues to be choppy and indecisive. The moving averages confirm the current indecision – they are crossing frequently and providing no clear trend direction. Trading opportunities could exist around the identified support and resistance areas and around the moving averages.

The British Prime Minister has announced that Article 50 will be triggered by the end of March 2017. Most economists did believe that sterling would continue to weaken long-term but there now exists more optimism for the British pound. 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 US Federal Reserve have increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today. This is followed by a Bank of England Speech at 1830 UTC.

NZDUSD – 1 Hour Chart

NZDUSD - 09.02.2017

As suggested in yesterday’s chart analysis, the NZDUSD moved out of the recent bullish channel and has been very bearish. The moving averages have crossed bearish and are widening, signalling that price could downtrend. If the NZDUSD starts retracing today and is bullish, shorting opportunities could exist around the previous horizontal support levels at 0.7245, 0.7265 and 0.7285 and around the dynamic resistance of the moving averages.

New Zealand’s economy continues to seem steady, though recent unemployment data was much worse than expected. The Reserve Bank of New Zealand have kept rates at 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, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

USDCAD – 1 Hour Chart

USDCAD - 09.02.2017

Price has been retracing and moving away from the bullish channel resistance area. The moving averages are bullish and are steady, suggesting that the uptrend could continue. Long opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance at 1.3120 and around any of the key Fib levels.  The USDCAD could stall or reverse around the bullish channel resistance area.

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 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, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

USDCHF – 1 Hour Chart

USDCHF - 09.02.2017

As suggested in yesterday’s chart analysis, price found support around the bullish channel support area and has since been bullish. The moving averages are bullish and are widening, suggesting that the USDCHF could continue to move higher. Buying opportunities may exist around the moving averages and around the bullish channel support area. Price could stall or reverse around the bullish channel resistance area.

The US Federal Reserve increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. The Swing France may see added strength if political uncertainty in the US continues. US Unemployment Claims data will be released at 1330 UTC today.

USDJPY – 1 Hour Chart

USDJPY - 09.02.2017

The USDJPY reversed bearish around the trend resistance area and the longer-term moving average (as suggested in yesterday’s chart analysis). Price has since been bullish and has moved above the trend resistance area, suggesting that the USDJPY could now attempt a bullish move or range with the horizontal channel at 111.70-112.50. Trading opportunities may exist around the horizontal levels. Buying opportunities could exist if price moves above the horizontal resistance at 112.50 and around the previous 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 continues. The US Federal Reserve recently increased interest rates to 0.75%. The US Dollar could continue to strengthen long-term, as further rate hikes are expected. US Unemployment Claims data will be released at 1330 UTC today.

XAUUSD – 1 Hour Chart

XAUUSD - 09.02.2017

As suggested in yesterday’s chart analysis, GOLD found support around the shorter-term moving average and has since moved higher. Price continues to move within the bullish channel. The moving averages are bullish and steady, signalling that GOLD could continue to move higher. Price is looking a little over-extended though, suggesting that GOLD could soon start retracing and be bearish. Long opportunities could exist around the bullish channel support area, around the moving averages and around the previous horizontal resistance levels at 1223.90 and 1235.25.