TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 08, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/07/triumphfx-intraday-forex-analysis-1-hour-charts-september-07-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has swung below the bullish channel support area.

AUDUSD is up-trending and is currently in a retrace move. Price has swung below the moving averages and the recent bullish channel, suggesting that AUDUSD may struggle to swing higher.

Opportunities to go long could exist around any of the key Fib levels and around the horizontal levels at 0.7335, 0.7290 and 0.7280. A bullish move may be rejected or reverse around the moving averages, around the previous bullish channel support area and around the recent swing high at 0.7460.

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 reversed around the moving averages, as suggested in our last chart analysis.

EURGBP continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.8545, 0.8550, 0.8560, 0.8600 and 0.8610.

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.

The BOE will hold monetary policy report hearings at 1500 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD has broken the bullish channel support area.

Price was up-trending within a bullish channel but EURUSD is currently bearish and in a strong retrace move. Price is below the bullish channel and below the moving averages, suggesting that EURUSD may struggle to swing higher.

Long opportunities could exist around any of the identified horizontal levels at 1.1800, 1.1785, 1.1775 and 1.1750. A bullish move may be rejected or reverse around the moving averages, around the previous bullish channel support area (as resistance) and around the horizontal levels at 1.1855, 1.1880 and 1.1895.

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

GBPUSD has been bearish.

Price is up-trending and is currently in a retrace move. GBPUSD has swung below the bullish channel support area and is nearing a recent swing low, suggesting that the uptrend is over. The moving averages are tight and currently moving sideways, signalling potential indecision.

Trading opportunities may exist around the moving averages, around the previous bullish channel support area and around the horizontal levels at 1.3680, 1.3705, 1.3735, 1.3795, 1.3815 and 1.3890.

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.

The BOE will hold monetary policy report hearings at 1500 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price has been bullish.

The USDCAD is no longer looking bearish. Price is now looking indecisive. The moving averages confirm the market indecision – they have been crossing bearish and are moving sideways. The USDCAD is still bearish on higher time-frames though, suggesting a potential bearish move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2505, 1.2555, 1.2580, 1.2635 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.

The BOC will release a rate statement at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price found resistance around the range resistance area.

The USDCHF has since been bullish and has closed above the range resistance area. Price is above the recent consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening.

Buying opportunities may exist around the dynamic support of the moving averages, around the diagonal support areas and around the horizontal levels at 0.9200, 0.9190, 0.9165 and 0.9135.

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

The USDJPY is finding resistance around 110.40, as suggested in yesterday’s chart analysis.

Price is looking indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. If the USDJPY closes above 110.40, price may start up-trending.

Trading opportunities could exist around the moving averages and around the horizontal levels at 109.55, 109.60, 109.70, 109.90, 110.20 and 110.40.

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, GOLD has reversed around 1792.

Price was up-trending but current price is below a number of key support levels, suggesting that the uptrend is over. The moving averages confirm this – they have crossed bearish.

Trading opportunities could exist around the previous diagonal support area, around the moving averages and around any of the horizontal levels at 1777, 1783, 1792, 1807, 1821 and 1831.

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