TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 13, 2021

Previous analysis… n/a

AUDUSD

AUDUSD has been moving sideways.

Price is indecisive and lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price action is forming a potential inverted head and shoulder reversal pattern on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7535, 0.7570, 0.7590, 0.7635, 0.7660 and 0.7670.

The Reserve Bank of Australia (RBA) continue to keep the official interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

EURGBP

Price has been moving sideways.

The EURGBP was up-trending but has recently become indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8555, 0.8625, 0.8640 and 0.8695.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

EURUSD

Just like other FX pairs, EURUSD has been moving sideways.

Price has become indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are tight and moving sideways. Price action has formed a horizontal channel at 1.1860-1.1920 and the EURUSD is moving within the channel.

Trading opportunities could 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 may stall or reverse around the recent highs at 1.1940. A break to the downside may stall or reverse around the horizontal levels at 1.1805 and 1.1780.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

GBPUSD

The GBPUSD has been moving sideways.

Price is indecisive and lacking trend momentum. The moving averages are tightening and are moving sideways – confirming the market indecision. GBPUSD is currently ranging between 1.3675 and 1.3770.

Trading opportunities may 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 could find resistance around 1.3815 and 1.3845.

USDCAD

USDCAD has been bullish.

Price continues to be indecisive longer-term and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. USDCAD is ranging between 1.2510 and 1.2640.

Trading opportunities could exist around the support and resistance areas of the range and if USDCAD moves out of the range (break-out trade).

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

USDCHF

The USDCHF has been bearish.

Price is clearly down-trending. Price action has formed a bearish channel and the moving averages are bearish and steady, all signalling that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 0.9275, 0.9300 and 0.9355. A bearish move could find support around 0.9220 and around the channel support area.

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 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.

USDJPY

Just like other FX pairs, USDJPY has been moving sideways.

Price has become indecisive. The moving averages confirm the market indecision – they are tightening and moving sideways. USDJPY is ranging between 109.05 and 109.90.

Trading opportunities could exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the downside may find support around 108.45. A break to the upside may find resistance around 110.05, 110.55 and 110.70.

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.

XAUUSD

Price has been bearish.

GOLD has swung below key support areas, suggesting a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish.

Shorting opportunities may exist around the bearish moving averages and around the horizontal levels at 1736, 1745 and 1757. A bearish move could be rejected or reverse around the horizontal support at 1723.

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