TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 03, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/02/triumphfx-intraday-forex-analysis-1-hour-charts-september-02-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has been bullish and has swung higher.

Price is clearly up-trending and is currently closing higher. AUDUSD continues to move within a bullish channel. The moving averages are bullish and widening, 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 0.7375, 0.7335, 0.7290 and 0.7280. A bullish move could find resistance around the 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.

US NFP, unemployment rate and average hourly earnings figures will be released at 1230 UTC today. This is followed by a US services PMI figure at 1400 UTC.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been finding support around the bullish channel support area, as suggested in yesterday’s chart analysis.

Price is clearly up-trending within a bullish channel. The moving averages are starting to tighten though and move sideways, suggesting market indecision.

Long opportunities could exist around the bullish channel support area and around the horizontal levels at 0.8570, 0.8545 and 0.8530. A bullish move may be rejected or reverse around the moving averages, around the channel resistance area and around the recent swing high at 0.8600.

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 our last chart analysis, price has been bullish.

EURUSD is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Price continues to trend within a bullish channel. The moving averages are bullish and widening, signalling that the current trend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.1855, 1.1800, 1.1785 and 1.1775. A bullish move could stall or reverse 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.

US NFP, unemployment rate and average hourly earnings figures will be released at 1230 UTC today. This is followed by a US services PMI figure at 1400 UTC.

GBPUSD

GBPUSD 1 Hour Chart

Price has been bullish and is swinging higher, as suggested in our last chart analysis.

GBPUSD is up-trending. Price is moving within a bullish channel and the moving averages are bullish and widening, all signalling that the uptrend may continue.

Buying opportunities could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1.3795, 1.3735 and 1.3705. A bullish move may be rejected or reverse around the channel resistance area and the recent highs and resistance at 1.3875.

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.

US NFP, unemployment rate and average hourly earnings figures will be released at 1230 UTC today. This is followed by a US services PMI figure at 1400 UTC.

USDCAD

USDCAD 1 Hour Chart

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

Price is now finding support around 1.2540, as also suggested. The USDCAD is down-trending – price action has formed a short series of lower swing highs and lower swing lows. Price is below the recent consolidation and has formed a bearish channel, all suggesting that the downside trend could continue. The moving averages confirm this – they are bearish and widening.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area, and around the horizontal levels at 1.2580, 1.2640 and 1.2700. A bearish move could find support around 1.2540 and around the bearish channel support 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 Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve.

US NFP, unemployment rate and average hourly earnings figures will be released at 1230 UTC today. This is followed by a US services PMI figure at 1400 UTC.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been moving sideways, 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 and are moving sideways. The USDCHF is ranging between 0.9105 and 0.9195.

Trading opportunities could exist around the support and resistance areas of the range and if prices moves out of the range (break-out trade).

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.

US NFP, unemployment rate and average hourly earnings figures will be released at 1230 UTC today. This is followed by a US services PMI figure at 1400 UTC.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the trend support area.

The USDJPY continues to uptrend but also be choppy and show signs of indecision. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Long opportunities may exist around the trend support area and around the horizontal levels at 109.70 and 109.55. A bullish move could stall or reverse around the horizontal resistance levels at 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.

US NFP, unemployment rate and average hourly earnings figures will be released at 1230 UTC today. This is followed by a US services PMI figure at 1400 UTC.

XAUUSD

XAUUSD 1 Hour Chart

Price has reversed around the range support area, as suggested in our last chart analysis.

GOLD was up-trending but is currently indecisive and ranging between 1807 and 1821. The moving averages confirm the market indecision – they are tight and moving sideways.

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

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