TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 27, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/26/triumphfx-intraday-forex-analysis-1-hour-charts-april-26-2021/
AUDUSD
As suggested in yesterday’s chart analysis, AUDUSD reversed around 0.7805.
Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.
Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7660, 0.7670, 0.7700, 0.7760 and 0.7810. If AUDUSD closes above 0.7810, price may attempt a bullish move higher.
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.
Australian CPI figures will be released at 0130 UTC.
EURGBP
EURGBP has been moving sideways, as suggested in yesterday’s chart analysis.
Price continues to be indecisive. EURGBP is also indecisive on higher time-frames. The moving averages are bullish and steady though, suggesting a potential bullish move.
Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8595, 0.8615, 0.8640, 0.8670 and 0.8720.
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 yesterday’s chart analysis, price found support around 1.2070 and around the shorter-term moving average.
EURUSD is up-trending within a clear bullish channel. Price is currently in a retrace move. The moving averages are bullish and widening, signalling that EURUSD may attempt to swing higher. The bullish channel support area has been tested numerous times though, suggesting a potential bearish move.
Buying opportunities could exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1.2065, 1.1995 and 1.1945. A bullish move may find resistance around the shorter-term moving average, around the recent swing high at 1.2110 and the bullish 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
Price has been moving sideways, as suggested in our last chart analysis.
GBPUSD is indecisive and is lacking trend direction. The moving averages are tightening and moving sideways, confirming the market indecision.
Trading opportunities may exist around the moving averages, around the identified diagonal support levels and around any of the horizontal levels at 1.3720, 1.3800, 1.3835, 1.3925, 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
As suggested in our last chart analysis, the USDCAD reversed around 1.2470 and has been bearish.
Price action has formed a short series of lower swing highs and lower swing lows – the USDCAD is down-trending. The moving averages are bearish and steady and price is below a recent consolidation area, all suggesting that the downtrend may continue.
Selling opportunities could exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 1.2470, 1.2510 and 1.2540. The USDCAD may continue to find support around the recent lows at 1.2390.
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 Governor of the BOC will speak at 2000 UTC today.
USDCHF
The USDCHF has been moving sideways, as suggested in yesterday’s chart analysis.
Price has become indecisive. The moving averages confirm the current indecision – they have been crossing frequently. The USDCHF could start ranging between 0.9125 and 0.9185.
Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around any of the horizontal levels at 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
Price has been bullish.
The USDJPY has been down-trending within a clear bearish channel. Recent price action has been bullish though and has swung above the channel resistance area, signalling that the downtrend may be over. The moving averages confirm this – they are becoming bullish.
Trading opportunities could exist around the previous bearish channel resistance area (as support), around the moving averages and around the horizontal levels at 107.50, 107.70, 108.20, 108.45, 108.65, 108.90, 109.05 and 109.30.
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 yesterday’s chart analysis, price found support around the range support area.
GOLD is currently indecisive and is ranging between 1768 and 1796. The moving averages are tight and moving sideways, signalling market indecision.
Trading opportunities may exist 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 could find support around 1757, 1748 and 1735.
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