TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 01, 2020
AUDUSD
Price has been bullish and has swung higher.
The AUDUSD is up-trending. Price is currently struggling to close higher and is finding resistance, suggesting that the AUDUSD could enter a retrace move. The moving averages are bullish and widening, signalling that the upside momentum could continue.
Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous horizontal resistance level at 0.7270. The AUDUSD could continue to find resistance around 0.7415.
The Reserve Bank of Australia (RBA) have kept rates at 0.25% (a record low). Policymakers are now focused on economic recovery created by the COVID-19 crisis. The board believe they recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The RBA will release a rate statement and announce the official cash rate at 0430 UTC.
EURGBP
Price is down-trending.
The EURGBP has formed a series of lower highs and lower lows – price is clearly down-trending. Recent price action has been moving sideways though and has formed a horizontal channel at 0.8910-0.8965. The moving averages are bearish and steady, signalling that the downtrend may continue.
Opportunities to go short could exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the horizontal channel resistance area and around the trend resistance area. The EURGBP may stall or reverse around the horizontal channel support area.
The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.
The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
The EURUSD has been bullish.
Price has swung above the recent consolidation area and price action has been forming higher swing highs and higher swing lows, all signalling that the EURUSD could move higher. The moving averages confirm the potential upside – they are bullish and widening.
Long opportunities may exist around the bullish moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 1.1960, 1.1880 and 1.1845.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD
The GBPUSD has swung higher.
Price is clearly up-trending – price is moving in a general upward direction and has formed higher swing highs and lows. The moving averages are bullish and steady, signalling that the upside momentum may continue. The GBPUSD is looking a little over-extended though, suggesting that price may be due a retrace move.
Buying opportunities could exist around the bullish moving averages and around the horizontal levels at 1.3310 and 1.3255.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD
Price has been bearish.
USDCAD is currently moving lower. Price is down-trending. The moving averages are bearish and steady, signalling that the downside direction could continue. USDCAD has formed a tight bearish channel and is currently moving within the channel.
Shorting opportunities may exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.3055, 1.3110 and 1.3110. Price could be rejected or reverse around the bearish channel support area.
The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Policymakers have announced that there are signs of some recovery after the economic crisis caused by COVID-19 but the BOC will continue their quantitative easing program. The BOC are expecting to see economic growth from 2021 onward.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
Price is clearly down-trending.
USDCHF has been bearish and has been reversing around the shorter-term moving average. Price recently found support around the lows at 0.9000, signalling that USDCHF may enter a retrace phase. The moving averages are bearish and widening, suggesting that the downtrend may continue.
Selling opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 0.9065, 0.9070, 0.9110, 0.9120 and 0.9135. A bearish move may continue to find support around 0.9000.
The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy continues to be stagnant. The economy was showing signs of positive momentum but COVID-19 is causing the economic to contraction. The Swiss Franc continues to be highly valued as a safe-haven currency. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY
USDJPY is indecisive.
Price is moving within a large horizontal channel at 105.15-107.00. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.
Trading opportunities may exist around the support and resistance areas of the horizontal channel and if USDJPY moves out of the channel (break-out trade).
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD
GOLD has been bullish.
Price is looking indecisive but has recently been bullish. The moving averages are bullish and widening, suggesting that the upside direction may continue.
Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 1954 and 1908. A bullish move may find resistance around the horizontal resistance levels at 2014 and 2047.
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