TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 22, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/21/triumphfx-intraday-forex-analysis-1-hour-charts-september-21-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around 0.7275.

AUDUSD has since reversed around the recent swing low at 0.7225 (as also suggested). Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. AUDUSD is currently struggling to swing lower though, suggesting a lack downside momentum – the downtrend may becoming to an end. Price may start ranging between 0.7220 and 0.7280.

Opportunities to go short could exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 0.7280, 0.7320, 0.7.40 and 0.7375. A bearish move may find support around the shorter-term moving average and around the range 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.

FOMC is scheduled for 1800 UTC today. This is followed by a press conference at 1830 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been reversing around 0.8590 and the shorter-term moving average, as suggested in yesterday’s analysis.

EURGBP is currently indecisive but is showing signs of a potential uptrend – price action has formed a higher swing high. The moving averages are bullish and widening, signalling the potential trend. Price could start ranging between 0.8570 and 0.8595.

Opportunities to go long may exist around the diagonal support area, around the dynamic support of the moving averages and around the horizontal levels at 0.8570, 0.8555 and 0.8545. A bullish move could find resistance around any of the horizontal resistance levels at 0.8595, 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.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, EURUSD has been bearish.

Price is clearly down-trending and is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend may continue. EURUSD has formed a bearish channel.

Shorting opportunities could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.1745, 1.1755, 1.1790, 1.1800 and 1.1825. A bearish move may find support around the recent swing low at 1.1705 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 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.

FOMC is scheduled for 1800 UTC today. This is followed by a press conference at 1830 UTC.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD reversed around the shorter-term moving average and then again around 1.3645, as suggested in our last chart analysis.

Price is down-trending but is currently struggling to swing lower. The moving averages suggest that the downtrend could continue – they are bearish and widening. GBPUSD could start ranging between 1.3640 and 1.3695.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3690, 1.3735, 1.3770 and 1.3805. Price could stall or reverse around the current lows at 1.3640.

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.

FOMC is scheduled for 1800 UTC today. This is followed by a press conference at 1830 UTC.

USDCAD

USDCAD 1 Hour Chart

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

The USDCAD failed to swing higher though, signalling that upside momentum is weakening – the uptrend may becoming to an end. The moving averages are still bullish though, suggesting that price may attempt to move higher. The USDCAD is down-trending on higher time-frames.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2590, 1.2610, 1.2620, 1.2640, 1.2700, 1.2725, 1.2755, 1.2835 and 1.2860.

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.

FOMC is scheduled for 1800 UTC today. This is followed by a press conference at 1830 UTC.

USDCHF 

USDCHF 1 Hour Chart

Price found support around the 61.8% Fib level, as suggested in yesterday’s analysis.

The USDCHF is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently in a strong retrace move. The moving averages have crossed bearish, suggesting that the USDCHF could struggle to swing higher.

Long opportunities may exist around the 61.8% Fib level, around the trend support area and around the horizontal support levels at 0.9165, 0.9150 and 0.9135. A bullish move could be rejected or reverse around the moving averages and around the recent swing high at 0.9325.

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.

FOMC is scheduled for 1800 UTC today. This is followed by a press conference at 1830 UTC.

USDJPY

USDJPY 1 Hour Chart

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

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 109.15, 109.20, 109.35, 109.65, 110.00 and 110.15.

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.

FOMC is scheduled for 1800 UTC today. This is followed by a press conference at 1830 UTC.

XAUUSD

XAUUSD 1 Hour Chart

GOLD broke above the consolidation resistance area and has since been bullish, as suggested in yesterday’s analysis.

Price is currently bullish but is down-trending longer-term. The moving averages have crossed bullish, suggesting that the current upside could continue.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1746, 1766, 1784, 1806 and 1821.

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