TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 05, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/04/triumphfx-intraday-forex-analysis-1-hour-charts-may-04-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bearish.

The AUDUSD continues to move within the consolidation area but recent price action has signalled potential downside – AUDUSD has formed a bearish channel and a short series of lower swing highs and lower swing lows. The moving averages confirm the potential downtrend – they are bearish and steady.

Opportunities to go short may exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the horizontal resistance levels at 0.7765 and 07815. A bearish move could be rejected or reverse around the channel support area and around the horizontal support levels at 0.7700 and 0.7685.

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

As suggested in yesterday’s chart analysis, price reversed around the moving averages and has been bearish.

The EURGBP is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening and price is moving within a bearish channel, signalling that the downtrend may continue.

Shorting opportunities could exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8640, 0.8680, 0.8710 and 0.8720. Price may stall or reverse around the channel support area and around the horizontal levels at 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

The EURUSD reversed around the shorter-term moving average and has since been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending and has formed a bearish channel. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2020, 1.2075 and 1.2145. A bearish move could find support around the channel support area and around the horizontal support levels at 1.2005, 1.1995 and 1.1945.

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

As suggested in our last chart analysis, the GBPUSD has reversed around 1.3835.

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 1.3720, 1.3800, 1.3835, 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

Price broke above the range resistance area but continues to move sideways.

USDCAD is indecisive. The moving averages are tight and moving sideways – confirming the market indecision. Price is down-trending on higher time-frames, suggesting a potential downside move.

Trading opportunities may exist around any of the identified horizontal levels at 1.2270, 1.2335, 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 chart analysis, price has been reversing around the diagonal support and resistance areas.

USDCHF is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are moving sideways.

Trading opportunities could exist around the diagonal support and resistance areas, around the moving averages and around any of the horizontal levels at 0.9080, 0.9100, 0.9155, 0.9175, 0.9185, 0.9215 and 0.9245.

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

USDJPY has been finding support around the moving averages, as suggesting in yesterday’s chart analysis.

Price is up-trending but is currently struggling to swing higher. The moving averages are tightening and moving sideways, suggesting potential indecision.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 108.90, 108.75, 108.45 and 108.20. A bullish move could be rejected or reverse around the horizontal resistance levels at 109.40 and 109.65.

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, GOLD reversed around 1796.

Price continues to be indecisive. 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 any of the horizontal levels at 1748, 1757, 1765 and 1796.

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