TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 07, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price has reversed around the 61.8% Fib level.

The AUDUSD is up-trending and is currently in a large retrace move. Price has found support around the 61.8% Fib level and is currently moving within a tight range at 0.7240-0.7295. The moving averages are bearish and steady, suggesting that the AUDUSD could struggle to swing higher.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could find support around 0.7210 and 0.7145. A break to the upside could find resistance around the longer-term moving average and around the recent swing high at 0.7410.

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.

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

EURGBP

EURGBP 1 Hour Chart

Price reversed around the moving averages, as suggested in Friday’s chart analysis.

The EURGBP has been bullish. Price action has formed a short series of higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages confirm the potential upside, they are bullish and widening.

Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal support levels at 0.8905 and 0.8870. A bullish move may be rejected or reverse around the horizontal resistance levels at 0.8965, 0.9040 and 0.9060.

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 Friday’s chart analysis, the EURUSD reversed around 1.1785.

Price continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently. The EURUSD is ranging between 1.1785 and 1.1860.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around 1.1760.

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

GBPUSD 1 Hour Chart

The GBPUSD reversed around 1.3180, as suggested in Friday’s chart analysis.

Price is up-trending and is currently in a large retrace phase. The moving averages are bearish and widening, signalling that the GBPUSD may struggle to swing higher. Price may become indecisive.

Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.3055, 1.3180, 1.3310 and 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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in Friday’s chart analysis, price found support around 1.3045.

USDCAD is now looking indecisive. The moving averages are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2995, 1.3045, 1.3135 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.

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

USDCHF 

USDCHF 1 Hour Chart

Price reversed around 0.9150, as suggested in Friday’s chart analysis.

USDCHF is indecisive. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9090 and 0.9155. If price closes above 0.9155, USDCHF may attempt a move higher.

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 1 Hour Chart

As suggested in Friday’s chart analysis, USDJPY reversed around 106.50.

Price continues to be indecisive and lack trend momentum. USDJPY is moving within a large consolidation at 105.15-107.00 but has also formed a tight range at 106.05-106.55. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 105.15, 105.60, 106.05, 106.55 and 107.00.

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

XAUUSD 1 Hour Chart

GOLD continues to be indecisive and lack trend direction.

The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities could exist around any of the identified horizontal levels at 1911, 1920, 1954 and 1992.

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