TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 16, 2021


Previous analysis… https://analysis.tfxi.com/2021/04/14/triumphfx-intraday-forex-analysis-1-hour-charts-april-14-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, AUDUSD has been bullish.

Price has formed a short series of higher swing highs and lows and is above the recent consolidation area – AUDUSD is up-trending. The moving averages suggest that the trend may continue – they are bullish and widening.

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 levels at 0.7670, 0.7660 and 0.7635. A bullish move may find resistance around the recent highs at 0.7755.

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.

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

EURGBP

EURGBP 1 Hour Chart

EURGBP reversed around the range resistance area, as suggested in our last analysis.

Price is up-trending. Price action has formed a bullish channel and EURGBP is moving within the channel. The moving averages are currently moving sideways, signalling market indecision.

Long opportunities may exist around the bullish channel support area, around the moving averages, around the diagonal support area and around the horizontal levels at 0.8695, 0.8675, 0.8640 and 0.8625. A bullish move could be rejected or reverse around the channel resistance area.

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.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, price has been bullish and has been moving higher.

EURUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Price is moving within a bullish channel.

Buying opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.1920, 1.1870 and 1.1860. A bullish move may find resistance around 1.1985 and around the channel resistance area.

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.

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.

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

GBPUSD

GBPUSD 1 Hour Chart

Price is currently finding support around 1.3725, as suggested in our previous chart analysis.

GBPUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.3675, 1.3725, 1.3800, 1.3815 and 1.3845.

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.

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.

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

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been moving sideways.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are moving sideways.

Trading opportunities could exist around the diagonal resistance area and around any of the horizontal levels at 1.2485, 1.2505, 1.2555, 1.2575 and 1.2625.

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.

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.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in our last chart analysis, the USDCHF continues to downtrend and be bearish.

Price has been down-trending but is now moving sideways – the USDCHF is becoming indecisive. The moving averages are tight and moving sideways, confirming the indecision. Price could start ranging between 0.9190 and 0.9245.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A break to the upside could find resistance around 0.9255, 0.9275, 0.9300 and 0.9355.

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.

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.

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

USDJPY

USDJPY 1 Hour Chart

Price has continued to be bearish and move lower, as suggested in our last analysis.

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

Opportunities to go short could exist around the bearish moving averages, around the channel resistance area and around the horizontal levels at 109.05, 109.30, 109.70, 109.90 and 110.10. A bearish move may stall or reverse around the recent swing low at 108.65 and around the channel support area.

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.

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 been bullish.

GOLD has swung above the recent consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish and steady.

Long opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 1757, 1748, 1735 and 1722. A bullish move could find resistance around 1767.

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