TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 19, 2021


Previous analysis… https://analysis.tfxi.com/2021/01/18/triumphfx-intraday-forex-analysis-1-hour-charts-january-18-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the 0.7665 area.

The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price action has formed a slight bearish channel, suggesting that price may become attempt a move lower.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bearish channel and around the horizontal levels at 0.7625, 0.7655, 0.7665, 0.7730, 0.7800 and 0.7815.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

There is no major scheduled news today that will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

Price has reversed around 0.8920, as suggested in yesterday’s chart analysis.

The EURGBP has become indecisive. Price action has formed a horizontal channel at 0.8870-0.8920. The moving averages are tight and moving sideways, confirming the market indecision. The EURGBP is also indecisive on higher time-frames.

Trading opportunities may exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the upside could find resistance around 0.8930, 0.8965, 0.8995 and 0.9030.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

There is no major scheduled news today that will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

The EURUSD has been bullish.

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

Opportunities to go short could exist around the longer-term moving average and around the horizontal levels at 1.2115, 1.2165, 1.2215 and 1.2245. A bearish move may be rejected or reverse around the previous trend resistance area (as support), around the shorter-term moving average and around the recent swing low at 1.2055.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

There is no major scheduled news today that will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD continues to be indecisive.

Price is lacking trend direction and has been moving sideways. The moving averages confirm the current indecision – they have been crossing frequently. The GBPUSD is up-trending on higher time-frames, suggesting a potential bullish move higher.

Trading opportunities may exist around any of the horizontal levels at 1.3435, 1.3455, 1.3525, 1.3625 and 1.3695.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

There is no major scheduled news today that will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

Price has been bearish.

USDCAD continues to be indecisive and move sideways. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2630, 1.2795, 1.2835 and 1.2870.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price was finding support around the shorter-term moving average and trend support area.

USDCHF has since been bearish. Price continues to look indecisive. The moving averages continue to cross and move sideways – confirming the indecision.

Trading opportunities may exist around the moving averages, around the previous diagonal support area and around the horizontal levels at 0.8855 and 0.8925.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

There is no major scheduled news today that will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been finding resistance around 104.10, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages are tight and moving sideways, confirming the market indecision. USDJPY is down-trending on higher time-frames, signalling a potential downside move. Price is ranging between 103.55 and 104.10.

Trading opportunities could exist around the support and resistance areas of the range and if USDJPY closes out of the range (break-out trade). A break to the upside may find resistance around 104.35. A break to the downside may find support around 103.40.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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, relative to other 1st world countries.

There is no major scheduled news today that will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD has been finding resistance around the longer-term moving average.

Price has formed a short series of lower swing highs and lower swing lows, suggesting a potential downtrend. The moving averages are bearish and steady, signalling that the downside direction could continue.

Shorting opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 1863 and 1872. A bearish move could find support around 1811.

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