TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 11, 2021


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

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish.

Price is now looking indecisive. The AUDUSD is currently ranging between 0.7710 and 0.7755. The moving averages are bullish and steady, signalling that price may attempt a move higher.

Trading opportunities could exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). A break to the upside may find resistance around 0.7775. A break to the downside may find support around 0.7695, 0.7640 and 0.7585.

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

The EURGBP reversed around 0.8795, as suggested in yesterday’s chart analysis.

Price is clearly down-trending. The moving averages are tight and moving sideways though, suggesting that the downtrend could becoming to an end – the EURGBP could struggling to swing lower. Price could start ranging between 0.8740 and 0.8795.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8740, 0.8795, 0.8835 and 0.8845.

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, price has been bullish and has swung higher.

The EURUSD is starting to look indecisive. The moving averages are bullish and steady though, suggesting that the upside momentum may continue. Price is also up-trending on higher time-frames.

Opportunities to go long could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal level 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

Price has been bullish, as suggested in yesterday’s chart analysis.

The GBPUSD is up-trending. Price is entering a retrace phase. The moving averages are bullish and steady, signalling that the GBPUSD could attempt to swing higher. Price is also up-trending on higher time-frames.

Long opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous consolidation resistance levels at 1.3755 and 1.3745. A bullish move could be rejected or reverse around 1.3855.

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, USDCAD has reversed around the shorter-term moving average.

Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. USDCAD is also down-trending on higher time-frames.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal level at 1.2755. A bearish move may find support around 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

USDCHF has been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. USDCHF is also down-trending on higher time-frames.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the diagonal resistance areas and around the horizontal level at 0.8920. A bearish move could stall or reverse around the horizontal support levels at 0.8875, 0.8860 and 0.8845.

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

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

USDJPY has formed a lower swing low, suggesting that price may start down-trending. The moving averages confirm the potential downside – they are bearish and widening.

Selling opportunities could exist around the bearish moving averages and around any of the horizontal levels at 104.85, 105.15, 105.30 and 105.70. A bearish move may stall or reverse around 104.40 and 103.90.

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

Price has become indecisive.

GOLD is currently moving sideways. The moving averages have been crossing frequently and are currently tightening, signalling market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1833, 1851, 1865 and 1874.

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