TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 10, 2021


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

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the 50.0% Fib level.

AUDUSD is up-trending and is currently in a strong retrace move. The moving averages are bearish and steady, suggesting that price may struggle to swing high.

Opportunities to go long could exist around the shorter-term moving average, around the 50.0% and 61.8% Fib levels and around the horizontal levels at 0.7335, 0.7290 and 0.7280. A bullish move may stall or reverse around the longer-term moving average 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.

A US PPI figure will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish.

EURGBP has formed a lower swing low and has swung below a number of key support levels, suggesting a potential downtrend. The moving averages have crossed bearish – confirming the potential trend.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8545, 0.8550, 0.8560, 0.8575 and 0.8600. An attempt to swing lower could be rejected or reverse around the recent lows at 0.8535.

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 yesterday’s chart analysis, EURUSD has been finding resistance around the diagonal resistance area.

Price has been moving sideways and is looking indecisive. The moving averages are bearish and steady, suggesting a potential bearish move.

Trading opportunities could exist around the moving averages, around the diagonal resistance and around any of the identified horizontal levels at 1.1705, 1.1725, 1.1750, 1.1775, 1.1785, 1.1800, 1.1810, 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.

A US PPI figure will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

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

Price has become indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. GBPUSD is also looking indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities may exist around the moving averages, around the support area of the previous bullish channel and around any of the horizontal levels at 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.

A US PPI figure will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price has been finding support around 1.2635.

The USDCAD is looking indecisive again. The moving averages are starting to tighten and move sideways – confirming the market indecision. Price is down-trending on higher time-frames, signalling a potential downside move.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.2505, 1.2555, 1.2580, 1.2635 and 1.2725.

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.

A US PPI figure will be released at 1230 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF 

USDCHF 1 Hour Chart

Price has been finding support around 0.9165, as suggested in yesterday’s chart analysis.

The USDCHF continues to be above the recent consolidation and has formed a swing higher, suggesting a potential uptrend. The moving averages are tightening and moving sideways though, signalling market indecision.

Long opportunities may exist around the diagonal support and resistance areas and around any of the horizontal levels at 0.9165, 0.9135, 0.9120, 0.9115 and 0.9105. A bullish move could be rejected or reverse around the moving averages and around the horizontal resistance levels at 0.9190 and 0.9220.

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.

A US PPI figure will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last analysis, price has reversed around 109.60.

The USDJPY continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 109.55, 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.

A US PPI figure will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been reversing around the horizontal levels at 1783 and 1800, as suggested in our last chart analysis.

Price is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they are tightening.

Trading opportunities may exist around the moving averages, around the previous diagonal support area and around any of the horizontal levels at 1777, 1783, 1800, 1807, 1821 and 1831

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