TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 30, 2021
Previous analysis… https://analysis.tfxi.com/2021/04/29/triumphfx-intraday-forex-analysis-1-hour-chart-april-29-2021/
AUDUSD
Price has been moving sideways.
The AUDUSD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways, confirming the indecision. Price could start ranging between 0.7735 and 0.7815.
Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). Trading opportunities may also exist around the diagonal support area.
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
As suggested in yesterday’s chart analysis, price has been finding support around 0.8670.
The EURGBP continues to be indecisive and lack trend direction. Price has become very choppy. The moving averages confirm the market indecision – they are tight and moving sideways. The EURGBP may start ranging between 0.8670 and 0.8705.
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 0.8720. A break to the downside may find support around 0.8640 and 0.8615.
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
Price has been finding support around the shorter-term moving average, as suggested in our last chart analysis.
The EURUSD continues to uptrend and move higher. Price is moving within a bullish channel. The moving averages are bullish and steady, suggesting that the uptrend could continue. The uptrend and bullish channel have become very clear and obvious, signalling a potential downside move – the uptrend could becoming to an end.
Trading opportunities may exist around the moving averages, around the support and resistance areas of the bullish channel and around any of the horizontal levels at 1.1995, 1.2005, 1.2055 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.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD
As suggested in our last analysis, price has been finding support around 1.3925 and the shorter-term moving average.
The GBPUSD is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that price may attempt to swing higher. The GBPUSD is also up-trending on higher time-frames.
Buying opportunities could exist around the dynamic support of the 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 be rejected or reverse around the recent swing highs at 1.3965 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 has continued to be bearish, as suggested in our last analysis.
Price is clearly down-trending. The moving averages are bearish and steady, signalling that the downside direction could continue. USDCAD is also down-trending on higher time-frames.
Selling opportunities may exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 1.2390, 1.2415 and 1.2470.
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
As suggested in yesterday’s chart analysis, USDCHF reversed around the shorter-term moving average and previous support at 0.9125.
Price continues to downtrend and be bearish. The moving averages are bearish and widening, suggesting that the downside momentum may continue. USDCHF has been finding support around 0.9080.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.9125, 0.9175, 0.9185 and 0.9215. USDCHF may continue to find support around 0.9080 and may even reverse around this area.
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 bearish.
USDJPY is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.
Long opportunities may exist around the longer-term moving average and around the horizontal levels at 108.45, 108.20 and 107.50. A bullish move could find resistance around the shorter-term moving average and around the horizontal levels at 109.20, 109.30, 109.75 and 109.85.
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
Price has bee moving sideways.
GOLD is indecisive and lacking trend direction. The moving averages are moving sideways, confirming the market indecision.
Trading opportunities could exist around the moving averages and around the horizontal levels at 1724, 1735, 1748, 1757, 1789 and 1796.
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