TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 15, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD continued to find support around the trend support area. As also suggested, AUDUSD failed to swing higher.

Price action has formed a series of lower swing highs and lows and a bearish channel, suggesting that AUDUSD is down-trending. The moving averages are bearish and widening, signalling that the downside may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.7185, 0.7205 and 0.7240. Price may stall or reverse around the bearish channel support area and around the horizontal support at 0.7100.

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 bearish.

Price has formed a lower swing low and a bearish channel, signalling that EURGBP could start down-trending. The moving averages are bearish and steady, suggesting that the downside direction could continue.

Shorting opportunities may exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 0.9075, 0.9120 and 0.9155. A bearish move could find support around the channel support area and around the recent lows at 0.9015.

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 has been finding resistance around the shorter-term moving average.

EURUSD is looking indecisive. The moving averages are bearish and widening though, suggesting that price may attempt to swing lower.

Trading opportunities could exist around the moving averages, around the previous bullish channel support area (as resistance) and around the horizontal levels at 1.1680, 1.1695, 1.1725, 1.1780 and 1.1830.

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 has reversed around the horizontal resistance at 1.3070, as suggested in yesterday’s chart analysis.

GBPUSD is now looking indecisive. Price is ranging between the horizontal support at 1.2865 and the horizontal resistance at 1.3070. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if GBPUD moves out of the range (break-out trade). A break to the downside could find support around 1.2815, 1.2785 and 1.2695.

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 been bullish.

Price is down-trending and is currently in a retrace move. The moving averages have crossed bullish, suggesting that the USDCAD may struggle to swing lower.

Opportunities to go short could exist around any of the key Fib levels and around the previous horizontal support at 1.3250. A bearish move may be rejected or reverse around the moving averages and around the recent swing low at 1.3105.

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

As suggested in yesterday’s chart analysis, the USDCHF has found support around the shorter-term moving average and the horizontal level at 0.9115.

Price is down-trending and is currently in a retrace phase. The moving averages have crossed bullish and are moving sideways, signalling market indecision.

Selling opportunities may exist around the trend resistance area and around the horizontal levels at 0.9150, 0.9185 and 0.9210. A bearish move could find support around the moving averages and around the horizontal levels at 0.9115 and 0.9085.

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

Price found support around 105.05, as suggested in yesterday’s chart analysis.

The USDJPY has forming a swing lower, signalling a potential downtrend. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 105.25, 105.60 and 105.80. A bearish move may continue to find support around 105.05.

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

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

GOLD is up-trending within a large bullish channel. Price is also up-trending on higher time-frames. The moving averages have been crossing frequently, suggesting potential indecision.

Opportunities to go long may exist around the bullish channel support area and around the horizontal support levels at 1890, 1883 and 1876. A bullish move could find resistance around the moving averages and around the horizontal resistance levels at 1912 and 1931.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/