TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 10, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/07/triumphfx-intraday-forex-analysis-1-hour-charts-may-07-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, AUDUSD reversed around 0.7765.

Price has since been bullish and has swung above the consolidation area, suggesting a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening. AUDUSD is currently finding resistance around 0.7860.

Opportunities to go long could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.7815, 0.7765 and 0.7700. Price may continue to find resistance around 0.7860.

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 is finding support around 0.8625, as suggested in our last analysis.

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

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8595, 0.8615, 0.8625, 0.8665, 0.8695, 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

Price has been bullish and has swung higher.

EURUSD has swung above the recent consolidation area, signalling a potential uptrend. The moving averages are bullish and widening – confirming the potential trend.

Long opportunities could exist around the bullish moving averages, around any of the key Fib levels and around the horizontal levels at 1.2145, 1.2110, 1.2075 and 1.1995. A bullish move may find resistance around 1.2170.

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 analysis, price closed above the horizontal channel resistance area and has since been bullish.

GBPUSD is above the recent consolidation area, signalling a potential uptrend. The moving averages confirm the potential uptrend – they are bullish and widening.

Buying opportunities may exist around any of the dynamic support of the moving averages, around the trend support area and around the previous horizontal resistance levels at 1.4005, 1.3965 and 1.3925.

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 bearish and has swung lower, as suggested in Friday’s chart analysis.

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

Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.2150, 1.2185, 1.2270, 1.2335, 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.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in Friday’s chart analysis, the USDCHF has been bearish.

Price is down-trending and is currently finding support around 0.9000. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous horizontal support levels at 0.9080 and 0.9100.

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 reversed around the moving averages and has been bearish, as suggested in Friday’s chart analysis.

The USDJPY is down-trending and is currently in a retrace move. The moving averages are bearish and widening, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 109.00, 109.45 and 109.65. A bearish move may be rejected or reverse around the horizontal levels at 108.75, 108.45, 108.20 and 107.50.

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 chart analysis, price has been bullish and has swung higher.

GOLD is up-trending and is currently finding resistance around 1839 – this could become a new swing high. The moving averages are bullish and widening, suggesting that the uptrend could continue.

Opportunities to go long may exist around the bullish moving averages, around any of the key Fib levels and around the previous horizontal resistance level at 1796.

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