TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 17, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around 0.7250.

The AUDUSD was up-trending but the current retrace move has swung below the trend support area, signalling that upside momentum could be weakening. The moving averages confirm this – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 0.7200, 0.7250, 0.7265, 0.7340 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 which will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the moving averages and horizontal level at 0.9210, as suggested in yesterday’s chart analysis.

The EURGBP has been bearish. Price action has formed a series of lower swing highs and lows, signalling that the EURGBP may be down-trending. The moving averages confirm the downside momentum – they are bearish and widening.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the support and resistance areas of the bearish channel and around the horizontal levels at 0.9125, 0.9210, 0.9255 and 0.9280. A bearish move may be rejected or reverse around the horizontal levels at 0.9070, 0.8965 and 0.8905.

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.

The BOE will announce the official bank rate and release a monetary policy summary at 1100 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD has reversed around the horizontal level at 1.1755.

Price continues to look indecisive but recent price action has been bearish. The moving averages have crossed bearish suggesting that the downside direction could continue.

Shorting opportunities may exist around the bearish moving averages, around the identified diagonal resistance area and around the horizontal levels at 1.1815, 1.1825, 1.1875 and 1.1900. The EURUSD could continue to find support around 1.1755.

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 which will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has been finding support around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price action has formed a short series of higher swing highs and lows – the GBPUSD is currently up-trending. Price has also formed a bullish channel. The moving averages are bullish and steady, signalling that the upside direction may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal support levels at 1.2830 and 1.2765. A bullish move may stall or reverse around the bullish channel resistance area and around the horizontal levels at 1.3025 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.

The BOE will announce the official bank rate and release a monetary policy summary at 1100 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the diagonal support and horizontal channel support areas.

USDCAD is above the recent consolidation area, suggesting that price could start up-trending. The moving averages continue to be tight though, signalling market indecision.

Long opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 1.3200 and 1.3135. A bullish move could find resistance around 1.3255.

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 which will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

Price has been bullish.

USDCHF continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9000, 0.9055, 0.9090, 0.9105, 0.9130 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 which will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, USDJPY has been bearish.

Price continues to be bearish and move lower. The moving averages are bearish and steady, suggesting that the current trend could continue. USDJPY is also down-trending on higher time-frames, adding confidence that the downside direction could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the support and resistance areas of the previous bearish channel and around the horizontal levels at 104.80, 105.15, 105.60 and 105.80.

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 which will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish.

Price is now looking indecisive again. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages, around the previous trend support area (as resistance) and around any of the horizontal levels at 1911, 1940, 1951, 1970 and 1992.

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