TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 04, 2021


Previous analysis… https://analysis.tfxi.com/2021/04/30/triumphfx-intraday-forex-analysis-1-hour-charts-april-30-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, AUDUSD has reversed around the horizontal support at 0.7700.

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. AUDUSD is also looking indecisive on higher time-frames.

Trading opportunities could exist around the previous diagonal support area and around the horizontal levels at 0.7635, 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.

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

EURGBP

EURGBP 1 Hour Chart

EURGBP reversed around the range resistance area, as suggested in our last chart analysis.

Price has since closed below the range support area, suggesting a potential downtrend. The moving averages are bearish and steady, confirming the potential downside.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the previous range support area at 0.8675 and around the horizontal resistance levels at 0.8710 and 0.8720. A bearish move could stall or reverse around the horizontal levels at 0.8640, 0.8615 and 0.8595.

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

EURUSD 1 Hour Chart

As suggested in our last analysis, price has broken to the downside of the bullish channel.

EURUSD was up-trending within a bullish channel but is now down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages confirm the trend – they are bearish and widening.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the previous bearish channel support area (as resistance) and around the horizontal levels at 1.2075 and 1.2145. A bearish move may be rejected or reverse around the horizontal levels at 1.2020, 1.2005, 1.1995, 1.1945 and 1.1920.

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

GBPUSD 1 Hour Chart

Price reversed around 1.3800, as suggested in our last chart analysis.

GBPUSD has become indecisive, just like other FX pairs. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.3800, 1.3835, 1.3860, 1.3925, 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 1 Hour Chart

The USDCAD has been moving sideways.

Price was clearly down-trending. Recent price action has been sideways though. The moving averages confirm the market indecision – they are tightening and are moving sideways. The USDCAD has formed a horizontal channel at 1.2270-1.2315.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the upside may find resistance around 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 

USDCHF 1 Hour Chart

As suggested in our last analysis, the USDCHF has been moving sideways.

Price continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages, around the diagonal support and resistance areas and around the horizontal levels at 0.9080, 0.9100, 0.9145, 0.9175, 0.9185 and 0.9215.

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

Price has been bullish, as suggested in our last analysis.

The USDJPY is up-trending. Price is currently in a retrace phase. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 109.20, 108.90, 108.75, 108.45 and 108.20. A bullish move may be rejected or reverse around the recent highs at 109.70.

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

As suggested in our last analysis, price reversed around 1796.

GOLD continues to be indecisive and lack trend momentum. The moving averages confirm the indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1748, 1757, 1765, 1789 and 1796.

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