TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 24, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/23/triumphfx-intraday-forex-analysis-1-hour-charts-september-23-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish but has reversed around 0.7320, as suggested in yesterday’s chart analysis.

AUDUSD was down-trending but recent price action has been bullish. Price has swung above the trend resistance area and has formed a higher swing high, suggesting a potential uptrend – the downtrend may be over. The moving averages confirm this – they have crossed bullish.

Opportunities to go long could exist around the dynamic support of the moving averages, around the previous trend resistance area (as support) and around the horizontal levels at 0.7280, 0.7260 and 0.7225. A bullish move may stall or reverse around the horizontal resistance levels at 0.7315, 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.

The Chair of the Federal Reserve will speak at 1400 UTC today.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, price was finding resistance around 0.8555.

EURGBP 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 may exist around the moving averages and around any of the horizontal levels at 0.8505, 0.8535, 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.

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

EURUSD

EURUSD 1 Hour Chart

EURUSD found resistance around 1.1755, as suggested in our last chart analysis.

Price has been down-trending. Recent price action has been bullish and has formed a higher swing high, signalling that the downtrend may becoming to an end. EURUSD is forming a potential inverted head and shoulder pattern – suggesting a trend reversal. The moving averages are tight and moving sideways, suggesting market indecision.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1685, 1.1705, 1.1755, 1.1790, 1.1800 and 1.1825.

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 Chair of the Federal Reserve will speak at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bullish.

Price was down-trending but has recently formed a higher swing high, suggesting a potential uptrend. The moving averages confirm this – they have crossed bullish.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.3690 and 1.3610. A bullish move could be rejected or reverse around the horizontal levels at 1.3745, 1.3770, 1.3805 and 1.3850.

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 Chair of the Federal Reserve will speak at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price reversed around 1.2640.

The USDCAD is looking indecisive. Recent price action has formed a short series of lower swing highs and lower swing lows though, signalling a downtrend. The moving averages confirm the potential downside – they are bearish and widening. Price is down-trending on higher time-frames, adding confidence of a potential bearish move.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2700, 1.2725, 1.2835 and 1.2860. A bearish move may find support around any of the horizontal support levels at 1.2640, 1.2620, 1.2610, 1.2590 and 1.2525.

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 Chair of the Federal Reserve will speak at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has been moving sideways, as suggested in our last analysis.

The USDCHF is indecisive. Price is ranging between 0.9220 and 0.9270. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A break to the downside could find support around 0.9165. A break to the upside could find resistance around 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 Chair of the Federal Reserve will speak at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been bullish and has swung higher.

Price is forming a large bullish move above the recent consolidation area and is forming a higher swing high, signalling a potential uptrend. The moving averages are bullish and widening – confirming the potential uptrend.

Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around any of the horizontal levels at 110.40, 110.15, 110.00 and 109.65.

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.

The Chair of the Federal Reserve will speak at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish.

Price has swung lower and is now down-trending again. The moving averages have been crossing frequently and have been moving sideways, signalling market indecision.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1760, 1766, 1779, 1784 and 1806. A bearish move could be rejected or reverse around the horizontal support and recent lows at 1742.

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