TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 15, 2020
AUDUSD
Price has been bullish.
The AUDUSD is the recent consolidation area and has formed a short series of higher swing lows, suggesting that price could start up-trending. The moving averages confirm the potential upside – they are bullish and steady. Price action has formed a potential bullish channel.
Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7315, 0.7300, 0.7265, 0.7250 and 0.7200. A bullish move could find resistance around the channel resistance area and around the recent highs 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
Price has been moving sideways.
The EURGBP is currently in a retrace phase after a large bullish move. The moving averages are starting to tighten and move sideways, suggesting market indecision. Price may start ranging between 0.9210-0.9280. The EURGBP is around a key higher time-frame resistance, signalling a potential downside move.
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 stall or reverse around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 0.9125 and 0.9070.
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
As suggested in yesterday’s chart analysis, the EURUSD has reversed around 1.1900.
Price is indecisive but has shown recent signs of buying momentum. The moving averages have become bullish and are steady, signalling potential upside.
Long opportunities may exist around the dynamic support of the moving averages and around the horizontal support levels at 1.1825, 1.1815, 1.1785 and 1.1755. A bullish move could be rejected or reverse around the horizontal resistance levels at 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
The GBPUSD reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.
Price has been clearly down-trending within a bearish channel – price action has formed a series of lower swing lows and lower swing highs. The GBPUSD recently closed above the bullish channel though, suggesting that the downtrend may becoming to an end. The moving averages confirm this – they are tightening and are moving sideways.
Trading opportunities could exist around the moving averages, around the previous bearish channel resistance area (as support) and around any of the horizontal levels at 1.2765, 1.2895, 1.3025 and 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
As suggested in yesterday’s chart analysis, price has reversed around the horizontal channel support and the diagonal support areas.
USDCAD is currently indecisive and is moving within a horizontal channel at 1.3135-1.3200. The moving averages confirm the market indecision – they are tight and are moving sideways. Price action has been forming higher swing lows and has formed a diagonal support area, all suggesting that USDCAD could attempt a bullish move.
Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade). A break to the upside could find resistance around 1.3255. Buying opportunities may exist around the trend support area.
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 has been finding support around 0.9060, as suggested in yesterday’s chart analysis.
Price continues to look indecisive. Price action has formed a tight bearish channel though and the moving averages are bearish and steady, signalling that USDCHF may become bearish.
Opportunities to go short could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the horizontal resistance level at 0.9105. A bearish move may be rejected or reverse around the bearish channel support area and around the horizontal support levels at 0.9060 and 0.9000.
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
As suggested in yesterday’s chart analysis, price has found support and reversed around the bearish channel support area.
USDJPY is down-trending within a bearish channel. The moving averages have crossed bearish and are widening, signalling that the downside direction could continue. Price is also down-trending on higher time-frames, adding confidence that the downtrend could continue.
Shorting opportunities may exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 105.80, 106.25 and 106.45. A bearish move could find support around the bearish channel support area and around the horizontal support levels at 105.60 and 105.25.
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
Price reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.
GOLD has been bullish. Price is above the recent consolidation area and price action has formed higher swing highs and lows, all suggesting that GOLD may start up-trending. The moving averages confirm the potential upside – they are bullish and steady.
Buying opportunities could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1962 and 1940. A bullish move may find resistance around the recent highs at 1992.
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