TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 07, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/06/triumphfx-intraday-forex-analysis-1-hour-charts-september-06-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, the AUDUSD has reversed around the recent highs at 0.7460.

Price continues to uptrend within a bullish channel. The AUDUSD is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend could continue.

Buying opportunities may exist around the longer-term moving average, 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 shorter-term moving average, around the recent highs at 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.

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

EURGBP

EURGBP 1 Hour Chart

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

Price was up-trending but is now looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. The EURGBP is also indecisive on higher time-frames.

Trading opportunities could exist around the previous bullish channel support area, around the moving averages and around any of the horizontal levels at 0.8530, 0.8545, 0.8550, 0.8560, 0.8590 and 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 reversed around the bullish channel support area.

The EURUSD continues to clearly trend within a clear bullish channel. The channel has become very obvious, and the channel support area has been tested several times, suggesting that price could break below the channel support area. The moving averages are tightening and are starting to move sideways, signalling that upside momentum could be weakening.

Long opportunities 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, 1.1775 and 1.1750. A bullish move could find resistance around the recent swing high 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 1 Hour Chart

Price has been finding support around 1.3815, as suggested in our last chart analysis.

The GBPUSD is up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue. Price is also up-trending on higher time-frames.

Opportunities to go long could exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1.3815, 1.3795, 1.3735 and 1.3705. A bullish move may stall or reverse around the recent swing high at 1.3890 and around the 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

USDCAD 1 Hour Chart

USDCAD has been bullish.

Price continues to down-trending and move within a bearish channel. USDCAD is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal levels at 1.2555, 1.2580, 1.2635 and 1.2700. A bearish move could be rejected or reverse around the recent swing low at 1.2505 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.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCHF has been moving sideways.

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

Trading opportunities could exist around the support and resistance areas of the range, as well as the identified horizontal levels at 0.9115, 0.9120, 0.9165 and 0.9190.

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

Price reversed around the previous trend support area (as resistance), as suggested in our last chart analysis.

USDJPY was up-trending but is now indecisive. Price is currently moving sideways. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 109.55, 109.60, 109.90, 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

XAUUSD 1 Hour Chart

As suggested in our last analysis, price found support around 1821.

GOLD has since been bearish and has swung below the support area. Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. GOLD is moving within a bullish channel. The moving averages are bullish and widening, suggesting that the upside may continue.

Buying opportunities could exist around the diagonal support areas, around the longer-term moving average and around any of the horizontal support levels at 1807, 1792, 1783 and 1777. A bullish move may be rejected or reverse around the moving averages, around the bullish channel resistance area and around the horizontal resistance levels at 1821 and 1831.

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