TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 09, 2021


Previous analysis… https://analysis.tfxi.com/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher.

AUDUSD is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7695 and 0.7640. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.7755 and 0.7775.

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

EURGBP has been down-trending. Price is currently in a retrace move. The moving averages are tightening and starting to move sideways, signalling that downside momentum may be weakening – the downtrend may becoming to an end.

Selling opportunities could exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 0.8795, 0.8835 and 0.8845. A bearish move may stall or reverse around the shorter-term moving average and around the recent swing low at 0.8745.

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

As suggested in yesterday’s chart analysis, EURUSD failed to swing lower and has been bullish.

Price has swung above key resistance areas and the moving averages have crossed bullish, suggesting that the recent downtrend is over. EURUSD is up-trending on higher time-frames.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal level at 1.2055. Price could stall or reverse around the diagonal resistance area and around the horizontal resistance levels at 1.2150, 1.2165 and 1.2180.

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

GBPUSD found resistance around the consolidation resistance area, as suggested in yesterday’s chart analysis.

Price is above the recent consolidation area and the moving averages are bullish and steady, signalling that GBPUSD may start up-trending again. Price is also up-trending on higher time-frames.

Opportunities to go long could exist around the dynamic support of the moving averages, around the diagonal support area and around the horizontal levels at 1.3755, 1.3745 and 1.3680.

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

As suggested in yesterday’s chart analysis, price has been bearish.

The USDCAD is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2755, 1.2840 and 1.2870. A bearish move could find support around 1.2690 and 1.2615.

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

Price has been bearish.

The USDCHF has formed a short series of lower swing highs, signalling a potential downtrend. Price is looking indecisive overall.

Trading opportunities could exist around the diagonal support and resistance areas, around the moving averages and around the horizontal levels at 0.8860, 0.8875, 0.8920, 0.9015 and 0.9045.

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

The USDJPY has been bearish.

Price has broken key support levels, suggesting that the recent uptrend is now over. The moving averages confirm this – they are about to cross bearish.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 103.35, 103.60, 103.90, 104.05, 104.35, 104.65, 104.85, 105.30 and 105.70.

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

GOLD has been bullish.

Price is looking indecisive again. The moving averages have crossed again and are currently tight – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1833, 1865 and 1874.

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