TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 01, 2021
Previous analysis… https://analysis.tfxi.com/2021/08/31/triumphfx-intraday-forex-analysis-1-hour-charts-august-31-2021/
AUDUSD
As suggested in yesterday’s chart analysis, AUDUSD has been finding support around the shorter-term moving average.
Price is up-trending and is moving within a large bullish channel. The moving averages are bullish and steady, signalling that the uptrend could continue.
Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7290, 0.7280 and 0.7225. A bullish move could find resistance around the channel resistance area and around the horizontal resistance levels at 0.7335 and 0.7380.
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. COVID continues to put weight on economic recovery and GDP.
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 originally expected.
A US non-farm employment change figure will be released at 1215 UTC today. This is followed by a manufacturing PMI figure at 1400 UTC.
EURGBP
EURGBP reversed around the horizontal channel resistance area, as suggested in yesterday’s chart analysis.
Price continues to be indecisive and move within a horizontal channel (0.8545-0.8595). EURGBP is indecisive on higher time-frames also. Price is currently finding support around the moving averages and the moving averages are bullish and steady, suggesting a potential bullish breakout.
Trading opportunities could exist around the support and resistance areas of the horizontal channel and if EURGBP moves out of the channel (break-out trade). A break to the downside may find support around 0.8530, 0.8510 and 0.8485.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. 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 chart analysis, price has been bullish and has swung higher.
EURUSD is clearly up-trending within a bullish channel. The uptrend and channel have become very obvious and the bullish moving averages are starting to move sideways, suggesting that price could struggle to swing higher. Higher time-frames are providing mixed signals, suggesting market indecision.
Long opportunities may exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1.1785, 1.1775, 1.1750 and 1.1725. A bullish move could be rejected or reverse around the recent swing high at 1.1840 and around the bullish channel resistance area.
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 originally expected.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. The ECB have hinted at providing more economic stimulus, if needed.
A US non-farm employment change figure will be released at 1215 UTC today. This is followed by a manufacturing PMI figure at 1400 UTC.
GBPUSD
Price has reversed around the bullish channel support area, as suggested in our last analysis.
GBPUSD is up-trending within a bullish channel and is currently in a retrace move. The moving averages are tight and moving sideways, signalling market indecision – the uptrend may becoming to an end.
Opportunities to go long could exist around the bullish channel support area and around the horizontal support levels at 1.3735, 1.3705 and 1.3680. A bullish move may stall or reverse around the shorter-term moving average, around the bullish channel resistance area and around the horizontal levels at 1.3795 and 1.3880.
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 originally expected.
A US non-farm employment change figure will be released at 1215 UTC today. This is followed by a manufacturing PMI figure at 1400 UTC.
USDCAD
As suggested in yesterday’s analysis, the USDCAD continues to be indecisive.
Price has been moving sideways and is clearly lacking trend direction and momentum. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.
Trading opportunities may exist around any of the identified horizontal levels at 1.2490, 1.2540, 1.2580, 1.2640 and 1.2700.
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 originally expected.
The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve.
A US non-farm employment change figure will be released at 1215 UTC today. This is followed by a manufacturing PMI figure at 1400 UTC.
USDCHF
The USDCHF has been moving sideways, as suggested in yesterday’s chart analysis.
Price is currently finding resistance around 0.9190, as also suggested. The USDCHF is lacking trend direction and is clearly indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is also indecisive on higher time-frames.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.9105, 0.9115, 0.9190, 0.9200, 0.9210 and 0.9240.
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 Swiss economy is recovering from COVID and seems stable.
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 originall expected.
A US non-farm employment change figure will be released at 1215 UTC today. This is followed by a manufacturing PMI figure at 1400 UTC.
USDJPY
Price has been bullish.
The USDJPY has closed above the horizontal channel resistance area, signalling a potential uptrend. The moving averages continues to cross, suggesting market indecision.
Buying opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 110.20, 109.70 and 109.55. A bullish move could stall or reverse around the horizontal levels at 110.30, 110.50 and 110.80.
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 originally expected.
The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is expected to make a moderate recovery from the COVID crisis.
A US non-farm employment change figure will be released at 1215 UTC today. This is followed by a manufacturing PMI figure at 1400 UTC.
XAUUSD
As suggested in our last chart analysis, price has reversed around the longer-term moving average.
GOLD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue.
Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal support levels at 1783, 1777 and 1772. A bullish move may be rejected or reverse around the recent swing high at 1821.
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