TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 13, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/12/triumphfx-intraday-forex-analysis-1-hour-charts-may-12-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bearish.

The AUDUSD is looking indecisive again. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages, around the support and resistance areas of the previous bearish channel and around the horizontal levels at 0.7685, 0.7700, 0.7765, 0.7815, 0.7825 and 0.7855.

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 was bearish and swung lower.

The EURGBP is down-trending. Price is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downside direction may continue.

Selling opportunities could exist around the longer-term moving average, around the diagonal resistance areas and around the horizontal levels at 0.8610, 0.8625 and 0.8665. A bearish move may be rejected or reverse around the shorter-term moving average and around the recent lows at 0.8565.

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 bearish.

Price is looking indecisive. The moving averages have been crossing frequently, confirming the market indecision.

Trading opportunities may exist around the moving averages and around the any of the identified horizontal levels at 1.1995, 1.2020, 1.2065, 1.2125 and 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 yesterday’s chart analysis, the GBPUSD is finding support around the 38.2% Fib level.

Price is up-trending and is currently in a retrace phase. The moving averages are tightening and moving sideways, suggesting that the GBPUSD may struggle to swing higher. Price is also up-trending on higher time-frames.

Buying opportunities could exist around any of the key Fib levels, around the trend support area and around the horizontal levels at 1.3965 and 1.3925. A bullish move may stall or reverse around the moving averages and around the horizontal levels at 1.4105 and 1.4165.

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 action has formed a swing lower, as suggested in our last analysis.

USDCAD has been down-trending but has recently been moving sideways, signalling market indecision. The moving averages confirm the current indecision – they are tightening and are moving sideways. Price is currently ranging between 1.2065 and 1.2130.

Trading opportunities may exist around the support and resistance areas of the range and if USDCAD moves out of the range (break-out trade). A break to the upside could find resistance around 1.2185, 1.2270 and 1.2335.

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.

The Governor of the BOC will speak at 1500 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in our last chart analysis, price has been finding resistance around the 61.8% Fib level.

USDCHF is down-trending and is currently in a retrace phase. The moving averages have been bullish, suggesting that price may struggle to swing lower – the downtrend may becoming to an end.

Shorting opportunities could exist around the 61.8% Fib level, around the diagonal resistance area and around the horizontal levels at 0.9100, 0.9160 and 0.9175. A bearish move may stall or reverse around the moving averages and around the recent swing low 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 closed above the horizontal channel resistance area and has since been bullish, as suggested in our last chart analysis.

Price is looking indecisive, just like other USD pairs. USDJPY is showing signs of a potential uptrend though – key resistance levels have broken and the moving averages have crossed bullish.

Long opportunities may exist around the dynamic support of the moving averages, around the previous trend resistance area (as support) and around the horizontal levels at 109.40, 108.95 and 108.45. A bullish move could find resistance around 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, GOLD has been finding support around the 38.2% Fib level.

Price is up-trending and is currently in a retrace move. The moving averages are tight and moving sideways, signalling market indecision.

Opportunities to go long could exist around any of the key Fib levels and around the previous horizontal resistance at 1796. A bullish move may find resistance around the moving averages and around the recent highs and horizontal resistance at 1842.

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