TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 23, 2021


Previous analysis… https://analysis.tfxi.com/2021/04/22/triumphfx-intraday-forex-analysis-1-hour-charts-april-22-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has been bearish.

Price continues to be indecisive but also form a potential head and shoulder pattern, signalling a potential downside move. The moving averages are moving sideways – confirming the indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7690, 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

EURGBP 1 Hour Chart

EURGBP has been bullish.

Overall, price continues to be indecisive. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8595, 0.8615, 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.

European PMI figures will be released at 0715 and 0830 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the recent swing high at 1.2070.

EURUSD is now finding support around the bullish channel support area (as also suggested). Price has been up-trending within a large bullish channel. Recent price action has been sideways though, suggesting indecision. The moving averages also suggest indecision – they are tightening and moving sideways. EURUSD may range between 1.1995 and 1.2070.

Trading opportunities could exist around the support and resistance areas of the bullish channel, around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may stall or reverse around the horizontal levels at 1.1945, 1.1920, 1.1870 and 1.1860.

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.

European PMI figures will be released at 0715 and 0830 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

GBPUSD has been bearish and has become indecisive. The moving averages are tight, confirming the current indecision.

Trading opportunities may exist around the diagonal support and resistance areas, around the moving averages and around the horizontal levels at 1.3675, 1.3720, 1.3800, 1.3815, 1.3905, 1.3945 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

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD has been finding support around 1.2475.

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. If the USDCAD closes below the consolidation support area at 1.2475, price may attempt a bearish move lower.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2475, 1.2535, 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.

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

USDCHF 

USDCHF 1 Hour Chart

The USDCHF reversed around the previous bearish channel resistance (as support), as suggested in our last chart analysis.

Price has been down-trending but is now looking indecisive. Price action is forming a potential horizontal channel at 0.9130-0.9185. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around the moving averages, around the previous bearish channel resistance area (as support) and around any of the identified horizontal levels at 0.9130, 0.9185, 0.9215, 0.9245, 0.9255, 0.9275, 0.9300 and 0.9360.

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

As suggested in yesterday’s chart analysis, price has been reversing around 107.95 and around the longer-term moving average.

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

Selling opportunities could exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal levels at 108.45, 108.65, 108.90, 109.05, 109.30 and 109.75. A bearish move may be rejected or reverse around the recent lows at 107.90 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

XAUUSD 1 Hour Chart

Price has been finding support around the longer-term moving average, as suggested in yesterday’s chart analysis.

GOLD is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend could continue.

Buying opportunities may exist around the longer-term moving average and around the horizontal levels at 1768, 1757, 1748, 1735 and 1722. A bullish move could stall or reverse around the shorter-term moving average and around the horizontal levels at 1788 and 1796.

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