TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 09, 2020


AUDUSD

AUDUSD 1 Hour Chart

Price has been bearish.

The AUDUSD has formed a series of lower swing lows and lower swing highs – price is down-trending. Price action has formed a bearish channel and the moving averages are bearish and steady, all signalling that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.7240 and 0.7295. A bearish move could stall or reverse around the bearish channel support area and around the recent lows at 0.7145.

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

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher.

The EURGBP is clearly up-trending. Price has swung above the recent consolidation area and the moving averages are bullish and widening, all suggesting that the uptrend may continue. The EURGBP is around key higher time-frame resistance though, signalling that price may become bearish.

Opportunities to go long could exist around the dynamic support of the moving averages and around the previous horizontal resistance levels at 0.9055 and 0.9040.

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

The EURUSD has been finding support around 1.1760, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and lack trend direction. The EURUSD is currently around the consolidation support area. Price is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities may exist around the bearish moving averages and around the horizontal levels at 1.1760, 1.1785 and 1.1860. If the EURUSD closes below 1.1760, price could attempt a bearish move lower.

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

As suggested in yesterday’s chart analysis, the GBPUSD has been bearish and has been moving lower.

Price has been very bearish. The moving averages are bearish and widening, signalling that the downside momentum may continue. The GBPUSD is starting to look over-extended on higher time-frames, suggesting that price may form a bullish move.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3055 and 1.3180.

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

Price closed above the range resistance area and has since been bullish, as suggested in yesterday’s chart analysis.

USDCAD is above the recent consolidation area and is clearly bullish, suggesting that price could start up-trending. The moving averages confirm the potential trend – they are bullish and widening.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3235 and 1.3135.

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.

The BOC will release a rate statement and announce the official interest rate at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around the shorter-term moving average and previous resistance at 0.9155.

USDCHF is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. Price is down-trending on higher time-frames though, suggesting that USDCHF may become bearish.

Buying opportunities could exist around the bullish moving averages and around the horizontal levels at 0.9155 and 0.9085. Price may be rejected or reverse around the recent swing high at 0.9195.

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 closed below the range support area and has since been bearish, as suggested in yesterday’s chart analysis.

USDJPY is below the recent consolidation area and has formed a bearish channel, all suggesting that price could start down-trending. The moving averages confirm the potential downside, they have just crossed bearish.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 106.05, 106.45 and 106.85. A bearish move could stall or reverse around the channel support area and around the horizontal support levels at 105.60 and 105.15.

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

As suggested in yesterday’s chart analysis, price has reversed around the horizontal levels at 1911 and 1940.

GOLD continues to be indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is now ranging between 1911 and 1940.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside may find resistance around 1954, 1992 and 2013.

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