TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 21, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/20/triumphfx-intraday-forex-analysis-1-hour-charts-april-20-2021/
AUDUSD
As suggested in yesterday’s chart analysis, AUDUSD found support around the bullish channel support area.
Price has since been bearish. AUDUSD has swung below the recent bullish channel and is starting to look indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways.
Trading opportunities could exist around the moving averages, around the previous trend support area (as resistance) and around any of the horizontal levels at 0.7590, 0.7635, 0.7660, 0.7670, 0.7705, 0.7755 and 0.7805.
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 has been finding resistance around 0.8640, as suggested in yesterday’s chart analysis.
Price action has formed a short series of lower swing highs and lower swing lows, suggesting a potential downtrend. The moving averages are bearish and steady, signalling that the downside direction could continue.
Opportunities to go short may exist around the longer-term moving average, around the previous bullish channel support area (as resistance) and around the horizontal levels at 0.8640, 0.8670 and 0.8715. A bearish move could stall or reverse around the horizontal levels at 0.8595, 0.8550 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 chart analysis, price has been finding support around the shorter-term moving average.
EURUSD is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue.
Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1990, 1.1945, 1.1920 and 1.1870. A bullish move may find resistance around the shorter-term moving average and around the recent swing high at 1.2070.
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
Price has bounced at 1.3915, as suggested in our last chart analysis.
GBPUSD is up-trending and is currently in a retrace move. The moving averages are bullish and widening, suggesting that the uptrend could continue. Price is also up-trending on higher time-frames.
Long opportunities may exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 1.3915, 1.3845, 1.3815 and 1.3800. A bullish move could stall or reverse around the shorter-term moving average and 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
As suggested in yesterday’s chart analysis, the USDCAD has reversed around 1.2625.
Price continues to be very indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. The recent bearish channel has broken.
Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2475, 1.2540, 1.2555, 1.2575, 1.2625 and 1.2635.
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.
The BOC will release a rate statement and monetary policy statement at 1400 UTC today. This is followed by a press conference at 1500 UTC.
USDCHF
The USDCHF has been finding resistance around the shorter-term moving average and bearish channel resistance area, as suggested in yesterday’s chart analysis.
Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. Price action has also formed a bearish channel and the USDCHF is moving within the channel. The moving averages are bearish and steady, signalling that the downside direction could continue.
Shorting opportunities may exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal levels at 0.9180, 0.9215, 0.9245, 0.9255 and 0.9275. A bearish move could be rejected or reverse around the shorter-term moving average, around the recent lows at 0.9130 and around the bearish 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
As suggested in our last chart analysis, price reversed around the shorter-term moving average.
The USDJPY has swung lower and continues to downtrend. Price is down-trending within a large bearish channel. The moving averages are bearish and steady, signalling that the trend may continue. The USDJPY is also down-trending on higher time-frames.
Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 108.05, 108.45, 108.65, 109.05, 109.30 and 109.70. A bearish move may find support 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
Price was rejected around the longer-term moving average and has been bullish, as suggested in yesterday’s chart analysis.
GOLD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.
Buying opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1768, 1757, 1748, 1735 and 1722. A bullish move could be rejected or reverse around the recent swing high at 1788.
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