TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 02, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/01/triumphfx-intraday-forex-analysis-1-hour-charts-september-01-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price has been bullish and has been finding resistance around 0.7380.

The AUDUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is moving within a bullish channel. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 0.7335, 0.7290, 0.7280 and 0.7225. A bullish move may be rejected or reverse around the horizontal resistance at 0.7380 and around the bullish channel resistance area.

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.

There is no major scheduled news today that will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

Price has broken above the recent horizontal channel, as suggested in yesterday’s analysis.

The EURBP is above the recent consolidation area and has formed a bullish channel, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.8595, 0.8570, 0.8545 and 0.8530. A bullish move could stall or reverse around the channel resistance area.

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

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD reversed around the bullish channel support area and has swung higher.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price action has also formed a bullish channel. The moving averages are bullish and steady, signalling that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.1800, 1.1785, 1.1775 and 1.1750. A bullish move may find resistance around 1.1855 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.

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 found resistance around 1.3795, as suggested in our last chart analysis.

Price is up-trending within a bullish channel. The GBPUSD is currently looking indecisive though – price is ranging between 1.3735 and 1.3795. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the downside could find support around 1.3705, 1.3680 and 1.3605. A break to the upside could find resistance around 1.3880 and the bullish channel resistance area. Buying opportunities may exist around the bullish channel support area.

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.

There is no major scheduled news today that will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price has been reversing around 1.2580 and 1.2640.

USDCAD is indecisive and is ranging between 1.2580 and 1.2640. The moving averages are tightening and are moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may find resistance around 1.2700 . A break to the downside may find support around 1.2540 and 1.2490.

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.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

Price reversed around 0.9190, as suggested in our last analysis.

USDCHF is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging between 0.9105 and 0.9195.

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

There is no major scheduled news today that will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been bearish.

Price is up-trending and is currently in a retrace move. The moving averages have been crossing frequently, signalling market indecision.

Opportunities to go long could exist around the trend support area and around the horizontal support levels at 109.70, 109.55 and 109.15. A bullish move may find resistance around 110.20, 110.40 and 110.50.

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 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.

There is no major scheduled news today that will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD found resistance around 1821.

Price is up-trending but is currently indecisive and moving sideways. The moving averages are moving sideways also and are tightening – confirming the market indecision. GOLD is ranging between 1807 and 1821.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around the trend support area and around the horizontal support levels at 1783, 1777 and 1772.

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