TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 18, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/17/triumphfx-intraday-forex-analysis-1-hour-charts-may-17-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.7685, 0.7735, 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 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.8625.

The EURGBP continues to be indecisive. The moving averages are tight and moving sideways – confirming the market indecision. Price is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8565, 0.8630, 0.8665 and 0.8695.

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 1400 UTC today.

EURUSD

EURUSD 1 Hour Chart

The EURUSD has been finding resistance around 1.2170, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently. If the EURUSD closes above 1.2170, price could attempt a bullish move higher.

Trading opportunities may exist around the moving averages and around the horizontal levels at 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

GBPUSD 1 Hour Chart

As suggested in yesterday’s analysis, the GBPUSD reversed around the moving averages and has since been bullish.

Price is up-trending and is currently swinging higher. The moving averages have been crossing frequently, suggesting potential indecision. The GBPUSD is up-trending on higher time-frames, adding confidence that the upside may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.4165, 1.4105, 1.4015, 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.

The Governor of the BOE will speak at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price closed below the range support area and has since been bearish, as suggested in our last analysis.

USDCAD is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages have crossed bearish and price is below the recent consolidation area, all suggesting that the downtrend could continue.

Selling opportunities may exist around the bearish moving averages and around the horizontal levels at 1.2065, 1.2190 and 1.2270.

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 our last analysis, price has been moving sideways.

USDCHF is indecisive. The moving averages confirm the market indecision – they have been crossing frequently. If price closes below 0.8985, USDCHF may attempt a bearish move lower.

Trading opportunities could 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

USDJPY 1 Hour Chart

USDJPY has been reversing around the bearish channel resistance and around the moving averages, as suggested in yesterday’s chart analysis.

Price is indecisive, just like other USD pairs. USDJPY is moving within a tight bearish channel and also ranging between 108.45 and 109.70. The moving averages have been crossing frequently – confirming the indecision.

Trading opportunities may exist around the support and resistance areas of the bearish channel and around any of 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

XAUUSD 1 Hour Chart

As suggested in our last analysis, GOLD has been bullish.

Price is up-trending and is currently climbing higher. The moving averages are bullish and widening, signalling that the uptrend may continue. GOLD is also up-trending on higher time-frames.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1842, 1811 and 1796.

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