TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 18, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has been finding resistance around the previous trend support area.

Price continues to be indecisive and lack trend direction. The moving averages are tight and are moving sideways – confirming the market indecision. AUDUSD is ranging between 0.7265 and 0.7340.

Trading opportunities could exist around the previous trend support area, 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 0.7250 and 0.7200.

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

EURGBP has been bullish.

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.9210, 0.9255 and 0.9280. A bearish move could be rejected or reverse around the horizontal levels at 0.9085, 0.9070 and 0.8965.

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 which will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

Price has been bullish.

EURUSD is looking indecisive again. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1755, 1.1875, 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 which will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average.

GBPUSD was up-trending but is now looking indecisive. The moving averages are still bullish and are steady, suggesting that price could attempt a move higher.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal support levels at 1.2875, 1.2830 and 1.2765. A bullish move could be rejected or reverse around any of the horizontal levels at 1.3000, 1.3025, 1.3180 and 1.3310.

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 which will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

The USDCAD has found support around 1.3135, as suggested in yesterday’s chart analysis.

Price was showing signs of potential upside but is now looking indecisive again. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around the horizontal levels at 1.2995, 1.3045, 1.3135, 1.3230 and 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

The USDCHF has been bearish.

Price continues to be indecisive and lack trend momentum. The moving averages are tight and moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9000, 0.9055, 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, price has been bearish.

The USDJPY continues to be bearish and downtrend. The moving averages are bearish and steady, signalling that the downside momentum may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 105.15 and 105.60. Price may continue to find support around the lows at 104.55.

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

Price reversed around 1940, as suggested in yesterday’s chart analysis.

GOLD continues to be indecisive. Price action has formed a horizontal channel at 1940-1970. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if GOLD moves out of the channel (break-out trade). A break to the upside could find resistance around 1992. A break to the downside could find support around 1911.

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