TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 09, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/08/triumphfx-intraday-forex-analysis-1-hour-charts-september-08-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been finding support around the 50.0% Fib level.

Price is up-trending and is currently in a strong retrace move. The moving averages are bearish and the AUDUSD is below the recent bullish channel, all suggesting that price could struggle to swing higher.

Buying opportunities may exist around the 50.0% and 61.8% Fib levels and around any of the horizontal levels at 0.7335, 0.7290, 0.7280 and 0.7225. A bullish move could find resistance, and even reverse, around the dynamic resistance of the moving averages, around the previous bullish channel support area and around the recent highs 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

The EURGBP found resistance around 0.8600, as suggested in yesterday’s chart analysis.

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. The EURGBP is also indecisive on higher time-frames.

Trading opportunities could exist around any of the identified horizontal levels at 0.8545, 0.8550, 0.8560, 0.8575, 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 ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around 1.1800.

The EURUSD is up-trending and is currently in a strong retrace move. Price has swung below the recent bullish channel and has formed lower swing highs and lower swing lows, all suggesting that the uptrend could be over. The moving averages confirm this – they are bearish and widening.

Long opportunities may exist around any of the horizontal levels at 1.1800, 1.1785, 1.1775, 1.1750 and 1.1725. A bullish move could be rejected or reverse around the bearish moving averages, around the diagonal resistance area 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.

The ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around 1.3735, as suggested in our last analysis.

The GBPUSD was up-trending but price is now looking indecisive. The moving averages are bearish and widening, signalling potential downside.

Trading opportunities could exist around the moving averages, around the previous bullish channel support area (as resistance) 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.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bullish.

Price has swung above some key resistance areas and is currently at recent highs, suggesting a potential uptrend. The moving averages are bullish and widening – confirming the potential upside.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 1.2700, 1.2635, 1.2580 and 1.2555. A strong bullish move could be rejected or reverse around the recent highs at 1.2925.

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 Governor of the BOC will speak at 1600 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s analysis, USDCHF has been bullish.

Price is above the recent consolidation area and has formed a higher swing high – USDCHF is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the diagonal support and resistance areas and around any of 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

Price reversed around 110.40, as suggested in yesterday’s chart analysis.

USDJPY continues to be indecisive and lack trend momentum. The moving averages are currently bullish and widening though, signalling potential upside.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 109.60, 109.70, 109.90 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 yesterday’s chart analysis, price found support around 1783.

GOLD continues to be indecisive and lack trend direction. The moving averages are bearish and widening, signalling a potential downtrend.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1777, 1783, 1792, 1800, 1807 and 1821.

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