TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 28, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/27/triumphfx-intraday-forex-analysis-1-hour-charts-april-27-2021/
AUDUSD
Price has been bearish.
The AUDUSD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.
Trading opportunities may exist around the moving averages and around the horizontal levels at 0.7635, 0.7660, 0.7670, 0.7700, 0.7760 and 0.7810.
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.
The FOMC will release a statement at 1800 UTC today. This is followed by a press conference at 1830 UTC.
EURGBP
As suggested in yesterday’s chart analysis, price found support around the horizontal level at 0.8670 and around the longer-term moving average.
The EURGBP continues to be indecisive and lack trend direction. The moving averages are tightening and moving sideways, confirming the market indecision.
Trading opportunities could exist around the moving averages and around the identified 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
The EURUSD reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.
Price continues to uptrend within a clear bullish channel. The EURUSD is currently in a retrace move. The moving averages are tightening and moving sideways, suggesting indecision – they uptrend could becoming to an end.
Opportunities to go long may exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1.1995, 1.1945 and 1.1920. A bullish move could stall or reverse around the shorter-term moving average and around the recent swing high at 1.2110.
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 FOMC will release a statement at 1800 UTC today. This is followed by a press conference at 1830 UTC.
GBPUSD
As suggested in yesterday’s chart analysis, the GBPUSD found resistance around 1.3925.
Price continues to be indecisive and lack trend direction. Recent price action has been choppy. The moving averages confirm the indecision – they have been crossing frequently. The GBPUSD is currently ranging between 1.3860-1.3925.
Trading opportunities could 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 may find resistance around 1.3945 and 1.4005. A break to the downside may find support around 1.3835, 1.3800 and 1.3720.
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.
The FOMC will release a statement at 1800 UTC today. This is followed by a press conference at 1830 UTC.
USDCAD
Price has found resistance around the shorter-term moving average and 23.6% Fib level, as suggested in our last analysis.
USDCAD is down-trending and is currently in a retrace move. The moving averages are bearish and steady and price is below a recent consolidation area, all suggesting that price could attempt to swing lower. USDCAD is also down-trending on lower time-frames.
Opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal levels at 1.2470, 1.2510 and 1.2555. An attempt to swing lower could be rejected or reverse 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 FOMC will release a statement at 1800 UTC today. This is followed by a press conference at 1830 UTC.
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