TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 17, 2021
Previous analysis… https://analysis.tfxi.com/2021/05/13/triumphfx-intraday-forex-analysis-1-hour-charts-may-13-2021/
AUDUSD
As suggested in our last chart analysis, AUDUSD reversed around 0.7685.
Price has been bullish but continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. AUDUSD is also looking indecisive on higher time-frames.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7685, 0.7785, 0.7815, 0.7825, 0.7855 and 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 has reversed off 0.8625, as suggested in our last chart analysis.
Price has since been moving sideways and is looking indecisive. The moving averages confirm the market indecision – they are tight and moving sideways. EURGBP is also indecisive on higher time-frames.
Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8565, 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
As suggested in our last analysis, price has been indecisive.
EURUSD is lacking trend direction. Price is currently bullish but is overall moving sideways. The moving averages have been crossing frequently – confirming the current indecision. If EURUSD closes above 1.2170, price may start up-trending.
Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2020, 1.2060 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
Price reversed around the 38.2% Fib level and has been bullish, as suggested in our last analysis.
GBPUSD is up-trending and is currently in a retrace phase. Price is also up-trending on higher time-frames. The moving averages are signalling indecision – they are tightening and moving sideways – suggesting that price could struggle to swing higher.
Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.4105, 1.4015, 1.3965 and 1.3925. A bullish move could be rejected or reverse around the horizontal resistance areas 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
As suggested in our last analysis, the USDCAD reversed around 1.2185.
Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. The USDCAD is forming a horizontal channel at 1.2065-1.2190 and price is moving within the channel.
Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCAD moves out of the channel (break-out trade). A break to the upside may find resistance around 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
The USDCHF reversed around the 61.8% Fib level and has been bearish, as suggested in our last chart analysis.
Price is indecisive and is lacking 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 0.8985 and 0.9095.
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
As suggested in our last analysis, price reversed around the recent highs at 109.70.
The USDJPY has become indecisive again. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price is currently moving within a very tight bearish channel.
Trading opportunities could exist around the bearish channel support and resistance areas, around the moving averages and around the horizontal levels at 108.20, 108.45, 108.95 and 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
Price has been bullish and has swung higher, as suggested in our last chart analysis.
GOLD is up-trending and is currently swinging higher. The moving averages are crossing bullish, suggesting that the uptrend could continue. Price is also up-trending on higher time-frames.
Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1842, 1811 and 1796.
Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/
Hits: 8