TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 06, 2021
Previous analysis… https://analysis.tfxi.com/2021/09/03/triumphfx-intraday-forex-analysis-1-hour-charts-september-03-2021/
AUDUSD
As suggested in our last chart analysis, price has been bullish and has found resistance around around the bullish channel resistance area.
AUDUSD is clearly up-trending and is clearly moving within a bullish channel. The moving averages are bullish and widening, signalling that the upside direction may continue.
Opportunities to go long could 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 may be rejected or reverse around 0.7460 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.
The RBA will release a rate statement at 0430 UTC.
EURGBP
Price attempted a bullish move but reversed around the shorter-term moving average, as suggested in our last chart analysis.
EURGBP has swung below the recent bullish channel support area, suggesting that the uptrend is over. Price action has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm this – they have crossed bearish.
Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area, around the previous support area of the bullish channel and around the horizontal resistance levels at 0.8590 and 0.8600. A bearish move could stall or reverse around the horizontal levels at 0.8550, 0.8545 and 0.8530.
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 Friday’s chart analysis, EURUSD has been bullish and has reversed around the bullish channel resistance area.
Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is also clearly moving within a bullish channel. The moving averages are bullish and steady, suggesting that the uptrend may continue. EURUSD is looking a little over-extended though, signalling a potential bearish move.
Long opportunities could 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 may find resistance round the recent highs at 1.1895 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 has been bullish and has swung higher, as suggested in Friday’s chart analysis.
Price is up-trending within a bullish channel. The moving averages suggest that the uptrend could continue – they are bullish and widening.
Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.3815, 1.3795 and 1.3735. A bullish move could find resistance around 1.3890 and around the bullish channel resistance 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
As suggested in our last analysis, price has reversed around the bearish channel support area.
The USDCAD is down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is down-trending within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend may continue.
Shorting opportunities could exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2580, 1.2635 and 1.2700. A bearish move may find support around 1.2505 and around the 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
Price has reversed around the range support area, as suggested in our last analysis.
The USDCHF continues to be indecisive and lack trend direction. Price is clearly moving sideways and is ranging between 0.9105 and 0.9195. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.
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 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
The USDJPY has been bearish.
Price has swung below the trend support area and is looking indecisive again. The USDJPY is currently testing the previous trend support area, as resistance. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.
Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around any of the identified horizontal levels at 109.55, 109.60, 110.20 and 110.40.
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
As suggested in Friday’s chart analysis, GOLD closed above the range resistance area and then swung higher.
Price is up-trending and is currently in a small retrace move. The moving averages are bullish and steady, signalling that the uptrend could continue. GOLD is moving within a large bullish channel.
Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support, around the bullish channel support area and around the horizontal levels at 1821 and 1807. A bullish move could be rejected or reverse around the bullish channel resistance area.
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