TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 14, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, AUDUSD has become indecisive and has been moving sideways.

Price is lacking trend momentum. The moving averages confirm the current indecision – they are tight and are moving sideways. AUDUSD is ranging between 0.7200 and 0.7315.

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 upside may find resistance around 0.7410. A break to the downside may find support around 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

EURGBP closed higher, as suggested in Friday’s chart analysis.

Price is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue. EURGBP is around key higher time-frame resistance, suggesting that price could become bearish.

Buying opportunities may exist around the bullish moving averages, around any of the key Fib levels and around the horizontal levels at 0.9125, 0.9070 and 0.9040. A bullish move could be rejected or reverse around the recent highs at 0.9280.

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

Price continues to be indecisive and lack trend direction.

EURUSD is moving sideways. The moving averages are also moving sideways and have been crossing frequently – confirming the current indecision.

Trading opportunities could exist around the moving averages and around the identified horizontal levels at 1.1755, 1.1785, 1.1815, 1.1870, 1.1900 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%.

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

GBPUSD

GBPUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price found support around the bearish channel support area.

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

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2895, 1.3025, 1.3055 and 1.3180. A bearish move could stall or reverse around the recent lows at 1.2765 and around the bearish channel support area.

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 become indecisive, as suggested in Friday’s chart analysis.

Price has been forming higher swing highs and low but is currently lacking trend momentum. The moving averages confirm the market indecision – they are tight and moving sideways. The USDCAD is forming a potential tight horizontal channel at 1.3135-1.3200.

Trading opportunities could exist around the support and resistance areas of the horizontal channel, around the diagonal support area and if price closes out of the horizontal channel (break-out trade). A break to the upside may find resistance around 1.3255. A break to the downside may find support around 1.3045 and 1.2995.

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 moving sideways.

Price continues to be indecisive and lack trend direction. The moving averages are bearish and steady, suggesting that the USDCHF could attempt to move lower.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9000, 0.9060, 0.9105 and 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

As suggested in Friday’s chart analysis, price has reversed around the bearish channel resistance area and around the horizontal level at 106.25.

The USDJPY continues to be indecisive. The moving averages confirm the market indecision – they are tight and have been crossing frequently. Price is moving within a bearish channel. Price is also moving within a potential horizontal channel at 105.80-106.25.

Trading opportunities could exist around the support and resistance areas of both the horizontal and bearish channels and if the USDJPY closes out of the horizontal channel (break-out trade). A break to the downside may find support around the horizontal support levels at 105.60 and 105.25. A break to the upside may find resistance around the horizontal resistance levels at 106.45 and 106.85.

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 finding support around 1940, as suggested in Friday’s chart analysis.

GOLD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1911, 1940, 1962 and 1992.

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