TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 04, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD found support around 0.7270 and the 50.0% Fib level.

Price has since been bearish though and has moved below the support area. AUDUSD is up-trending and is currently in a large retrace move. The moving averages are bearish and steady, suggesting that price may struggle to swing higher.

Buying opportunities could exist around the 61.8% Fib level and around the horizontal levels at 0.7210 and 0.7140. A bullish move may be rejected or reverse around the moving averages.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been bullish.

Price has swung above the recent bearish channel, suggesting that downside momentum could be weakening. The moving averages are tight and moving sideways, signalling market indecision.

Trading opportunities may exist around the moving averages, around the previous bearish channel resistance area (as support) and around the horizontal levels at 0.8870, 0.8910 and 0.8965.

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

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 1.1785.

EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently. Price is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1760, 1.1785 and 1.1995.

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%.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around 1.3255, as suggested in yesterday’s chart analysis.

GBPUSD is up-trending and is currently in a retrace phase. The moving averages have become bearish, suggesting that price could struggle to swing higher. GBPUSD is clearly up-trending on higher time-frames though, adding confidence that the current upside direction could continue.

Long opportunities may exist around the 61.8% Fib level and around the horizontal levels at 1.3255, 1.3180 and 1.3050. A bullish move could stall or reverse around the dynamic resistance of the moving averages and around the recent swing high at 1.3470.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD has found resistance around the bullish channel resistance area and the horizontal level at 1.3140.

Price is up-trending within a bullish channel. The moving averages are bullish and widening, signalling that the upside momentum may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.3110, 1.3045 and 1.2995. The USDCAD may be rejected or reverse around the bullish channel resistance area and around the horizontal levels at 1.3140 and 1.3235.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has reversed around 0.9135, as suggested in yesterday’s chart analysis.

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9000, 0.9060, 0.9070, 0.9135 and 0.9150.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price continues to be indecisive.

The USDJPY continues to range between 105.15 and 107.00. The moving averages have been crossing frequently and are moving sideways – confirming the indecision. Price is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities could exist around the support and resistance areas of the range and around the additional horizontal levels at 105.60 and 106.50.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price continues to be indecisive.

GOLD is lacking trend momentum. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1908, 1911, 1954, 1992 and 2013.

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