TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 07, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/06/triumphfx-intraday-forex-analysis-1-hour-charts-may-06-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently. Price is also looking indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.7685, 0.7700, 0.7765 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

As suggested in our last analysis, price find resistance around the bearish channel resistance area and longer-term moving average.

The EURGBP has since been bullish and has swung above the resistance area. Price was down-trending but is now looking indecisive again. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages, around the previous diagonal resistance area (as support) and around any of the horizontal levels at 0.8615, 0.8625, 0.8675, 0.8685, 0.8710 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

EURUSD 1 Hour Chart

The EURUSD has been finding resistance around 1.2075, as suggested in our last chart analysis.

Price was showing signs of a potential downtrend but is now looking indecisive. The moving averages confirm the indecision – they are tight and moving sideways. The EURUSD could start ranging between 1.1995 and 1.2075.

Trading opportunities may exist around the support and resistance areas of the range, around the moving averages and if price moves out of the range (break-out trade). A break to the upside could stall or reverse around 1.2110 and 1.2145. A break to the downside could stall or reverse around 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD has been reversing around 1.3925 and 1.3850.

Price is currently moving sideways and continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. GBPUSD has formed a horizontal channel at 1.3850-1.3925 and price is moving within the channel.

Trading opportunities could exist around the support and resistance areas of the channel and if the GBPUSD moves out of the channel (break-out trade). A break to the upside may find resistance around 1.3965 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price has been bearish and has swung lower, as suggested in yesterday’s chart analysis.

USDCAD is clearly down-trending and has just formed a new swing lower. The moving averages are bearish and widening, suggesting that the downtrend could continue. The major scheduled news today could break key resistance levels though.

Selling opportunities may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.2270, 1.2335, 1.2390 and 1.2415. A bearish move could be rejected or reverse around the recent lows at 1.2150.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. Canadian employment change and unemployment rates figures will be released at the same time.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around 0.9080.

USDCHF has been bearish. Price has swung below the recent consolidation area, signalling a potential downtrend. The moving averages have crossed bearish and are steady – confirming the potential downside.

Shorting opportunities could exist around the moving averages, around the diagonal support and resistance areas and around the horizontal levels at 0.9080, 0.9100, 0.9160, 0.9175 and 0.9185.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been reversing around 108.90 and 109.40, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend momentum. The moving averages confirm the indecision – they are tight and moving sideways. USDJPY is ranging between 108.90 and 109.45.

Trading opportunities may exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the downside could be rejected or reverse around 108.75, 108.45 and 108.20. A break to the upside could be rejected or reverse around 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last analysis, GOLD closed above the consolidation resistance area and has since been bullish.

Price is above the recent consolidation area, suggesting a potential uptrend. The moving averages are bullish and steady – confirming the potential upside.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1796, 1774 and 1765.

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