TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 28, 2021


Previous analysis… https://analysis.tfxi.com/2021/09/27/triumphfx-intraday-forex-analysis-1-hour-charts-september-27-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around 0.7315.

AUDUSD is ranging (as also suggested in yesterday’s analysis). Price is indecisive and is moving between the horizontal support at 0.7225 and 0.7315. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if AUDUSD moves out of the range (break-out trade). A break to the upside may find resistance around 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

Price has been bearish.

EURGBP 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 may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 0.8535, 0.8575 and 0.8595. A bearish move could find support around 0.8505.

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 chart analysis, EURUSD has been finding support around 1.1685.

Price is indecisive and is currently ranging between 1.1685 and 1.1750. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the support and resistance areas of the range and if EURUSD moves out of the range (break-out trade). A break to the upside may find resistance around 1.1790 and 1.1800.

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 moving sideways, as suggested in our last analysis.

Price is moving sideways and is lacking trend direction. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.3610, 1.3660, 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 yesterday’s analysis, price reversed around the shorter-term moving average and has since been bearish.

The USDCAD is down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1.2660, 1.2725 and 1.2835. A bearish move may stall or reverse around the horizontal support levels at 1.2620, 1.2610 and 1.2590.

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 closed above the range resistance area and has since been bullish, as suggested in yesterday’s analysis.

The USDCHF is above the recent consolidation area and is forming higher swing highs and lows – price is up-trending. The moving averages are bullish and steady, suggesting that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.9285, 0.9270 and 0.9220. A bullish move could be rejected or reverse 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

As suggested in our last analysis, the USDJPY has been bullish and has climbed higher.

Price is forming a large bullish move above a recent consolidation. The moving averages are bullish and steady, signalling a potential uptrend. The USDJPY is around a key higher time-frame resistance though, suggesting a potential bearish move.

Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 110.80, 110.55, 110.40 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.

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

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish, as suggested in our last chart analysis.

Price is down-trending. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Selling opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1742, 1760, 1779 and 1784.

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