TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 12, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price has been bullish.

The AUDUSD is forming a swing higher and the moving averages are bullish and widening, all suggesting that price could start up-trending.

Opportunities to go long may exist around the dynamic support of the moving averages, around the daily trend support areas and around the horizontal levels at 0.7205 and 0.7100. A bullish move could find resistance around 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

Price has been bearish.

The EURGBP has swung below key support areas and has formed lower swing highs and lower swing lows, all signalling a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the diagonal resistance area, around the previous diagonal support area (as resistance) and around the horizontal levels at 0.9075, 0.9120 and 0.9155. A bearish move may be rejected or reverse around the horizontal support levels at 0.9045 and 0.9035.

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 Friday’s chart analysis, the EURUSD has been bullish and has found resistance around the bullish channel resistance area.

Price is up-trending within a bullish channel. The moving averages are bullish and widening, signalling that the uptrend could continue. The EURUSD is up-trending on higher time-frames also, adding confidence to the potential upside move.

Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.1795, 1.1780, 1.1745 and 1.1725. A bullish move could find resistance around the bullish channel resistance area and around the horizontal resistance at 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

The GBPUSD has been bullish, as suggested in Friday’s chart analysis.

Price action has formed a series of higher swing highs and higher swing lows – the GBPUSD is up-trending. The moving averages have crossed bullish, suggesting that the uptrend may continue. Price is moving within a bullish channel and is finding resistance around the channel resistance area.

Buying opportunities could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1.2995, 1.2965, 1.2895 and 1.2865. The GBPUSD may reverse around the bullish channel resistance 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 which will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

As suggested in Friday’s chart analysis, price has been bearish and has been moving lower.

USDCAD is down-trending and is currently forming a swing lower. The current move is looking a little over-extended, suggesting that price could be due a retrace move. The moving averages are bearish and widening, suggesting that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support at 1.3250.

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 bearish.

USDCHF is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend may continue.

Selling opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 0.9105, 0.9185 and 0.9210.

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 Friday’s chart analysis, USDJPY has been bearish.

Price has swung below key support levels and is forming a swing lower, suggesting that the recent uptrend is over. USDJPY is now looking indecisive. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 105.05, 105.55, 105.80 and 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

GOLD has been bullish.

Price is forming a higher swing high and has also formed a bullish channel, all suggesting that GOLD is up-trending. The moving averages have crossed bullish and are widening, suggesting that the upside direction may continue. GOLD is also up-trending on higher time-frames.

Buying opportunities could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1918, 1883 and 1876. A bullish move may find resistance around the bullish channel resistance area and around the horizontal resistance at 1959.

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