TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 22, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/21/triumphfx-intraday-forex-analysis-1-hour-charts-april-21-2021/
AUDUSD
As suggested in yesterday’s chart analysis, price reversed around the horizontal levels at 0.7705 and 0.7755.
The AUDUSD is indecisive. The moving averages are tight and moving sideways, confirming the market indecision. Price action is forming a potential head and shoulder pattern, signalling a potential bearish move.
Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.7635, 0.7660, 0.7670, 0.7705, 0.7760 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
Price has been finding resistance around 0.8640 and around the longer-term moving average.
The EURGBP is starting to look indecisive – price is moving sideways. The moving averages confirm the market indecision – they are tightening and are also moving sideways.
Trading opportunities could exist around the moving averages, around the support area of the previous bullish channel and around the horizontal levels at 0.8525, 0.8595, 0.8640, 0.8675 and 0.8715.
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.
The ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.
EURUSD
As suggested in yesterday’s chart analysis, the EURUSD reversed around the longer-term moving average.
Price is up-trending within a bullish channel. The moving averages are starting to tighten and move sideways, signalling potential market indecision – the EURUSD could start moving sideways and range between 1.1990 and 1.2070.
Buying opportunities may exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1.1990, 1.1945, 1.1920 and 1.1870. A bullish move could stall or reverse around the recent swing high at 1.2070 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 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 ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.
GBPUSD
The GBPUSD reversed around the longer-term moving average and 38.2% Fib level.
Price is up-trending and is currently in a retrace move. The moving averages are tightening and starting to move sideways, suggesting that the GBPUSD may become indecisive – price may struggle to swing higher.
Trading opportunities could exist around the moving averages, around the key Fib levels and around the horizontal levels at 1.3800, 1.3815, 1.3905 and 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 our last analysis, price reversed around 1.2635 and 1.2475.
USDCAD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2475, 1.2540, 1.2555, 1.2575 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
Price reversed around 0.9180, as suggested in our last chart analysis.
USDCHF has been clearly down-trending but is now showing signs of potential indecision – recent price action has been sideways and the moving averages are tightening and also moving sideways.
Trading opportunities could exist around the moving averages, around the previous resistance of the bearish channel and around the horizontal levels at 0.9130, 0.9185, 0.9215, 0.9245, 0.9255, 0.9275 and 0.9300.
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 yesterday’s chart analysis, USDJPY has continued to be bearish.
Price is clearly down-trending. USDJPY is moving within a large bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 108.45, 108.65, 109.05, 109.30 and 109.70. A bearish move could stall or reverse around the recent lows at 107.95 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
GOLD reversed around the shorter-term moving average and has swung higher, as suggested in yesterday’s chart analysis.
Price is clearly up-trending. The moving averages are bullish and steady and price action has formed a potential bullish channel, all suggesting that the uptrend may continue.
Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1788, 1768, 1757, 1748, 1735 and 1722. A bullish move may be rejected or reverse around the recent highs at 1796 and around the channel resistance area.
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