TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 23, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/22/triumphfx-intraday-forex-analysis-1-hour-charts-september-22-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, the AUDUSD reversed around the trend resistance area and has also been finding support around 0.7220.

Price has been down-trending – price action has formed a long series of lower swing highs and lower swing lows. The AUDUSD is currently indecisive though and is ranging between 0.7220 and 0.7280. The moving averages are still bearish and steady, signalling that the downtrend could continue.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Selling opportunities may exist around the moving averages, around the trend resistance area and around any of the horizontal levels at 0.7280, 0.7320, 0.7340, 0.7375 and 0.7405.

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 was bullish and then reversed around 0.8610, as suggested in our last chart analysis.

Price is looking choppy and indecisive. The moving averages confirm the market indecision – they are starting to tighten and move sideways. The EURGBP is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages, around the previous diagonal support area as resistance and around any of the identified horizontal levels at 0.8545, 0.8555, 0.8570, 0.8595 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.

German PMI figures will be released at 0730 UTC today. The BOE will release a monetary policy summary and other reports at 1100 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish and has swung lower.

The EURUSD is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist 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 could stall or reverse around the horizontal support levels at 1.1705 and 1.1685.

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.

German PMI figures will be released at 0730 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has been bearish, as suggested in yesterday’s analysis.

The GBPUSD is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.3990, 1.3735, 1.3770 and 1.3805. A bearish move may find support around 1.3610.

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 release a monetary policy summary and other reports at 1100 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, USDCAD has been moving sideways.

Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are tightening and are moving sideways. USDCAD is down-trending on higher time-frames, suggesting a potential bearish move.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 1.2590, 1.2610, 1.2620, 1.2640, 1.2700, 1.2725, 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.

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

USDCHF 

USDCHF 1 Hour Chart

USDCHF was bullish and then reversed around the longer-term moving average, as suggested in our last analysis.

Price was up-trending but is now looking indecisive. The moving averages are moving sideways – confirming the market indecision. USDCHF is up-trending on higher time-frames, signalling a potential bullish move.

Trading opportunities could exist around the moving averages, around the trend support area and around any of the horizontal levels at 0.9165, 0.9220 and 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 original expected.

The SNB will release a monetary policy assessment at 0730 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been bullish.

USDJPY continues to look and be indecisive. 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 horizontal levels at 109.15, 109.20, 109.35, 109.65, 110.00, 110.15 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 analysis, price reversed around 1784.

GOLD continues to be indecisive but is down-trending longer-term. The moving averages are moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1746, 1779, 1784 and 1806.

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