TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 17, 2021
Previous analysis… https://analysis.tfxi.com/2021/09/16/triumphfx-intraday-forex-analysis-1-hour-charts-september-16-2021/
AUDUSD
As suggested in yesterday’s chart analysis, the AUDUSD has been bearish and has found support around the bearish channel support area.
Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The AUDUSD has been trending within a clear bearish channel. The moving averages are bearish and steady, suggesting that the downside direction could continue. The bearish channel is becoming very obvious though, signalling a potential channel break-out.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.7305, 0.7340, 0.7375 and 0.7405. A bearish move could be rejected or reverse around the recent swing low at 0.7275 and around the channel support 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
The EURGBP has been moving sideways, as suggested in yesterday’s analysis.
Price was down-trending but is currently indecisive. The EURGBP is moving sideways. The moving averages confirm the market indecision – they are tight and moving sideways. Price is also indecisive on higher time-frames.
Trading opportunities could exist around the moving averages, around the trend resistance area and around any of the horizontal levels at 0.8505, 0.8545, 0.8555, 0.8560 and 0.8575.
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
Price has been bearish.
The EURUSD was looking indecisive but is now down-trending again – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downtrend could continue.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1.1775, 1.1800, 1.1825, 1.1840 and 1.1850. A bearish move could stall or reverse around 1.1755 and 1.1745.
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
As suggested in our last chart analysis, price has been bearish.
The GBPUSD has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and steady.
Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3850, 1.3890 and 1.3900. A bearish move may find support around 1.3770, 1.3735 and 1.3680.
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
The USDCAD was bullish and then reversed around 1.2700, as suggested in our last analysis.
Price continues to be indecisive but move within a bullish channel. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The USDCAD is ranging between 1.2610 and 1.2700.
Trading opportunities may exist around the support and resistance areas of the bullish channel and around any of the identified horizontal levels at 1.2555, 1.2580, 1.2590, 1.2610, 1.2700 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
As suggested in yesterday’s analysis, the USDCHF has been bullish and has swung higher.
Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The USDCHF is currently in a retrace move after form a recent high. 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 any of the key Fib levels, around the trend support area and around the horizontal levels at 0.9235, 0.9185, 0.9165 and 0.9150.
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
Price has been bullish.
The USDJPY is down-trending and is currently in a retrace move. Price has swung above the moving averages and the moving averages are moving sideways, suggesting potential indecision – the downtrend could becoming to an end. The USDJPY is indecisive on higher time-frames.
Selling opportunities may exist around the trend resistance area and around the horizontal resistance levels at 110.15 and 110.40. A bearish move could be rejected or reverse around the moving averages and around the horizontal support levels at 109.60 and 109.25.
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 our last chart analysis, price closed below the range support area and has since been bearish.
GOLD is forming a large bearish move and is below the recent consolidation area, all suggesting a potential downtrend. The moving averages confirm this – they are bearish and widening.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 1784 and 1806. A bearish move may stall or reverse around the recent swing low at 1753.
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