TriumphFX Intraday Forex Analysis – 1 Hour Chart – April 29, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/28/triumphfx-intraday-forex-analysis-1-hour-charts-april-28-2021/
AUDUSD
As suggested in yesterday’s chart analysis, AUDUSD has reversed around 0.7810.
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, 0.7700, 0.7735 and 0.7815.
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.
A US GDP figure will be released at 1230 UTC today.
EURGBP
EURGBP has been moving sideways, as suggested in yesterday’s chart analysis.
Price continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the current indecision. EURGBP is also indecisive on higher time-frames.
Trading opportunities may exist around any of the identified horizontal levels at 0.8615, 0.8640, 0.8670, 0.8705 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 our last analysis, price reversed around the bullish channel support area and has swung higher.
EURUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price action has also formed a clear bullish channel. The trend and channel have become very obvious, signalling it could becoming to an end – EURUSD may become bearish or start moving sideways.
Trading opportunities may exist around the dynamic support of the moving averages, around the support and resistance areas of the bullish channel and around the horizontal levels at 1.1995, 1.2005, 1.2055, 1.2110 and 1.2145.
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.
A US GDP figure will be released at 1230 UTC today.
GBPUSD
Price has been bullish.
GBPUSD continues to be indecisive. Recent price action has been bullish though, suggesting a potential uptrend. The moving averages confirm this – they are bullish and steady.
Opportunities to go long could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.3925, 1.3860, 1.3835 and 1.3800. A bullish move may stall or reverse around the recent swing high 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.
A US GDP figure will be released at 1230 UTC today.
USDCAD
As suggested in yesterday’s chart analysis, the USDCAD reversed around the shorter-term moving average and has been bearish.
Price is clearly down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue. The USDCAD is also down-trending on higher time-frames.
Opportunities to go short may exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 1.2390 and 1.2415.
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.
A US GDP figure will be released at 1230 UTC today.
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