TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 20, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/16/triumphfx-intraday-forex-analysis-1-hour-charts-april-16-2021/
AUDUSD
As suggested in our last chart analysis, price has swung higher and has been bullish.
The AUDUSD is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady and price has formed a bullish channel, all suggesting that the upside direction could continue.
Buying opportunities may exist around the bullish channel support area, around the dynamic support of the moving averages and around any of the horizontal levels at 0.7780, 0.7755, 0.7705 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.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP
Price has been bearish.
The EURGBP has swung below the bullish channel support area. The moving averages suggest that the downside direction may continue – they are bearish and widening.
Selling opportunities could exist around the bearish moving averages, around the previous bullish channel support area (as resistance) and around the horizontal levels at 0.8625, 0.8640 and 0.8675. A bearish move may stall or reverse around the horizontal levels at 0.8595, 0.8555 and 0.8525.
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
As suggested in our last analysis, the EURUSD reversed around the bullish channel support area and has since been bullish.
Price is swinging higher. The EURUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend could continue.
Long opportunities may exist around the bullish moving averages, around the support and resistance areas of the previous bullish channel and around the horizontal levels at 1.1990, 1.1945, 1.1920 and 1.1870.
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
The GBPUSD reversed around 1.3725, as suggested in our last chart analysis.
Price has been bullish and is currently forming a much higher swing high, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening. The GBPUSD is also up-trending on higher time-frames.
Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 1.3915, 1.3845 and 1.3815. Price may continue to find resistance around the recent highs at 1.4005.
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
Price has been moving sideways.
USDCAD continues to be indecisive and move within a large bearish channel. The moving averages are bearish, suggesting that price could move lower.
Trading opportunities may exist around the support area of the bearish channel and around the identified horizontal levels at 1.2475, 1.2535, 1.2555 and 1.2575.
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
As suggested in our last chart analysis, price closed below the range support area and has since been bearish.
USDCHF continues to downtrend. The moving averages are bearish and widening, signalling that the downtrend may continue. Price action has formed a bearish channel.
Shorting opportunities could exist around the channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.9180, 0.9215, 0.9245, 0.9255, 0.9275 and 0.9300. A bearish move may be rejected or reverse around the recent lows at 0.9130 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.
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 has been bearish, as suggested in our last analysis.
Price continues to downtrend and move lower. USDJPY is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue. Price is also down-trending on lower time-frames.
Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 108.65, 109.05, 109.30 and 109.70. A bearish move could stall or reverse around the recent swing low at 108.05 and around the bearish 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
As suggested in our last analysis, GOLD has swung higher.
Price is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend may continue.
Opportunities to go long could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 1757, 1748 and 1735. A bullish move may find resistance around the shorter-term moving average and around the recent swing high at 1788.
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