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


AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bullish.

Price has swung above the bearish channel resistance area, suggesting that downside momentum is weakening – the recent downtrend may be over. The moving averages confirm this – they are tight and becoming bullish.

Trading opportunities could exist around the support and resistance areas of the previous bearish channel, around the diagonal support area, around the moving averages and around the horizontal levels at 0.7100, 0.7205, 0.7260 and 0.7325.

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 moving sideways.

Price continues to be indecisive and lack trend momentum. Price action has formed a diagonal support area and a number of support levels, signalling that EURGBP could attempt a bullish move.

Trading opportunities may exist around the moving averages, around the diagonal support area and around any of the horizontal levels at 0.9035, 0.9045, 0.9065, 0.9075, 0.9155 and 0.9210.

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

As suggested in yesterday’s chart analysis, price reversed around the bullish channel support area.

EURUSD has since been bullish. Price is up-trending within a bullish channel. The moving averages are tight and moving sideways though, signalling market indecision – the upside momentum may becoming to an end.

Opportunities to go long could exist around the moving averages, around the bullish channel support area and around the horizontal support levels at 1.1725, 1.1695 and 1.1680. A bullish move may find resistance and even reverse around the channel resistance area and around the horizontal resistance levels at 1.1780, 1.1795, 1.1830 and 1.1865.

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

Price continues to be indecisive, as suggested in yesterday’s chart analysis.

GBPUSD is indecisive and lacking trend direction. The moving averages are tight and moving sideways – confirming the market indecision. Price is also indecisive on higher time-frames but showing signs of potential upside.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.2785, 1.2815, 1.2865, 1.2895 and 1.3005.

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

As suggested in yesterday’s chart analysis, the USDCHF reversed around 1.3250 and has since been bearish.

Price is down-trending and closing lower. The moving averages are bearish and widening, suggesting that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3250 and 1.3335. A bearish move may stall or reverse around the recent lows and horizontal support at 1.3145.

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.

Canadian employment change and unemployment rate figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been moving sideways, as suggested in yesterday’s chart analysis.

Price is looking indecisive. The moving averages are tight and moving sideways – confirming the indecision. The USDCHF could start ranging between 0.9135 and 0.9190.

Trading opportunities may exist around any of the horizontal levels at 0.9080, 0.9135, 0.9190, 0.9210, 0.9240 and 0.9295.

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 reversed around the longer-term moving average and horizontal level at 105.80.

The USDJPY is up-trending. The moving averages are bullish and steady, suggesting that the upside direction may continue. Price is down-trending on higher time-frames, signalling that the USDJPY may attempt a bearish move.

Long opportunities could exist around the longer-term moving average and around the horizontal levels at 105.80, 105.55 and 105.05. A bullish move may be rejected or reverse around 106.05.

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 has been bullish.

GOLD was showing signs of the start of a downtrend but is now looking indecisive. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1851, 1876, 1883, 1918 and 1959.

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