TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 12, 2021


Previous analysis… https://analysis.tfxi.com/2021/02/11/triumphfx-intraday-forex-analysis-1-hour-charts-february-11-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price broke above the range resistance area and then found resistance around 0.7775.

AUDUSD has formed a swing higher and the moving averages are bullish and steady, signalling that the upside direction could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.7710 and .7695. A bullish move could find resistance around 0.7765.

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 failed to swing lower, as suggested in yesterday’s chart analysis.

EURGBP was down-trending but is now looking indecisive. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the moving averages, around the diagonal support area and around the horizontal levels at 0.8745, 0.8755, 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, EURUSD was bullish and then was rejected around 1.2150.

Price has since been moving sideways. The moving averages are tightening and starting to move sideways, suggesting market indecision.

Trading opportunities may exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 1.2055, 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 has been bearish.

Price is up-trending and is currently in a retrace phase. The moving averages are bullish but beginning to tighten, suggesting that upside momentum is weakening – GBPUSD may struggle to swing higher. Price is also up-trending on higher time-frames.

Long opportunities could exist around the 50.0% and 61.8% Fib levels, around the horizontal levels at 1.3755, 1.3745 and 1.3680. A bullish move may be rejected or reverse around the shorter-term moving average and around the recent swing high at 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

Price has been bullish.

The USDCAD was down-trending but price has swung above the moving averages and above a recent swing higher, suggesting that the downtrend could be over. The moving averages confirm this – they are tightening and moving sideways, signalling market indecision.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the identified horizontal levels at 1.2670, 1.2755, 1.2765 and 1.2840.

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 found resistance around the shorter-term moving average.

The USDCHF has since been moving sideways. Price action has formed a tight range at 0.8895-0.8905. The moving averages are bearish and steady, suggesting that the USDCHF may break lower.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may find resistance around the longer-term moving average and around the diagonal resistance area. A break to the downside may find support around any of the horizontal levels at 0.8890, 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

The USDJPY is currently finding resistance around 104.85, as suggested in yesterday’s chart analysis.

Price is becoming indecisive. The moving averages confirm the current indecision – they are tightening and moving sideways.

Trading opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 103.90, 104.40, 104.85, 105.15, 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 bearish.

Price continues to look indecisive and lack trend momentum. The moving averages are tightening and moving sideways, confirming the market indecision.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1786, 1833, 1851 and 1865.

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