TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 11, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/10/triumphfx-intraday-forex-analysis-1-hour-charts-may-10-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price was bullish and swung higher.

The AUDUSD has formed a large bullish move and is currently in a retrace move. Price is above the recent consolidation area and the moving averages are bullish and widening, signalling a potential uptrend. Price is also up-trending on higher time-frames.

Buying opportunities may 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. A bullish move could be rejected or reverse around the recent swing high at 0.7885.

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

Price has been bearish.

The EURGBP has formed a large bearish move. Price continues to look indecisive but there are some signs the the bearish direction may continue. The EURGBP is also indecisive on higher time-frames.

Selling opportunities could exist around the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.8615, 0.8625 and 0.8665.

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.

The Governor of the BOE will speak at 1430 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD found support around the shorter-term moving average.

Price is possibly up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the upside direction could continue. The EURUSD is also up-trending on higher time-frames, adding confidence that the current direction could continue.

Long opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.2110, 1.2075 and 1.1995. A bullish move could stall or reverse around the recent highs at 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

The GBPUSD has been bullish and has moved higher, as suggested in yesterday’s chart analysis.

Price is up-trending. The moving averages suggest that the uptrend may continue – they are bullish and widening. The GBPUSD is also up-trending on higher time-frames.

Opportunities to go long could exist around any of the key Fib levels, around the bullish moving averages, around the trend support area and around the previous horizontal resistance levels at 1.4005, 1.3965 and 1.3925. A bullish move may find resistance at 1.4150.

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.

The Governor of the BOE will speak at 1430 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, price has been bearish.

USDCAD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downside momentum could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.2185, 1.2270, 1.2335 and 1.2390.

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

Price closed lower, as suggested in our last analysis.

USDCHF is clearly down-trending. Price is currently in a retrace move. The moving averages are bearish and widening, suggesting that the downtrend may continue.

Opportunities to go short could exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 0.9080 and 0.9100. A bearish move may find support around the recent lows at 0.8985.

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 moving sideways.

Price is down-trending but is starting to look indecisive. The moving averages are still bearish and widening, suggesting a downside move.

Selling opportunities may exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 109.00, 109.40 and 109.65. A bearish move could be rejected or reverse around the shorter-term moving average and around the horizontal support levels at 108.70, 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, GOLD has swung higher.

Price is up-trending and is currently in a retrace move. GOLD has been finding resistance around 1842. The moving averages are bullish and widening, signalling that the uptrend may continue.

Buying opportunities could exist around the bullish moving averages, around any of the key Fib levels and around the previous horizontal resistance at 1796. Price may continue to find resistance around 1842.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/