TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 08, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD is currently finding resistance around the longer-term moving average and 0.7295.

Price continues to be indecisive. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7210, 0.7240, 0.7295 and 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

EURGBP has been bullish and has swung higher, as suggested in yesterday’s chart analysis.

Price is up-trending – EURGBP has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue. Price is nearing a key resistance on higher time-frames though, signalling a potential bearish move.

Buying opportunities may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 0.8965 and 0.8905. A bullish move could be rejected or reverse around the horizontal resistance levels at 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 yesterday’s chart analysis, price has reversed around 1.1785.

EURUSD is currently indecisive and is ranging between 1.1790 and 1.1860. The moving averages have been crossing frequently and are currently tight, confirming the market indecision.

Trading opportunities could 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 may find support around 1.1760. A break to the upside may find resistance around 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%.

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

GBPUSD

GBPUSD 1 Hour Chart

Price has been bearish.

GBPUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. Price is up-trending on higher time-frames though, suggesting that GBPUSD could become bullish.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3180 and 1.3310. A bearish move could be rejected and become bullish around the recent lows at 1.3055.

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

The USDCAD has been moving sideways.

Price is indecisive and is ranging between the horizontal support at 1.3045 and the recent swing high at 1.3140. The moving averages confirm the current indecision – they are tight and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade). A break to the downside may find support around 1.2995. A break to the upside may find resistance around 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

The USDCHF has been bullish.

Price has swung above the recent consolidation area, signalling that the USDCHF could move higher. Price is clearly down-trending on higher time-frames though, suggesting that the USDCHF could move back into the consolidation area.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.9155 and 0.9085.

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

Price has been moving sideways.

The USDJPY is indecisive and is forming a horizontal channel at 106.05-106.45. The moving averages are tight and moving sideways, confirming that market indecision.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDJPY moves out of the channel (break-out trade). A break to the upside may find resistance around 106.85. A break to the downside may find support around 105.60.

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

Price has been moving sideways.

GOLD continues to be indecisive and lack trend momentum. The moving averages confirm the indecision – they have been crossing frequently. Price action has formed a tight horizontal channel at 1920-1940.

Trading opportunities may exist around the support and resistance areas of the channel and if GOLD moves out of the channel (break-out trade). A break to the downside could stall or reverse around the recent lows at 1911. A break to the upside could stall or reverse around 1954 and 1992.

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