TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 29, 2021


Previous analysis…

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, the AUDUSD has been reversing around the support and resistance areas of the range.

Price continues to be indecisive and lack trend momentum. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. The AUDUSD is ranging and has formed a horizontal channel at 0.7220-0.7315.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the upside could find resistance around the horizontal levels at 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 1545 UTC today.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been been bullish.

Price action is forming a large bullish move above a number of previous swing highs, suggesting a potential uptrend. The moving averages confirm the potential upside – they have crossed bullish.

Buying 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 0.8610, 0.8595 and 0.8575. A bullish move may find resistance around the recent highs at 0.8635.

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.

The Governor of the BOE will speak at 1545 UTC today.

EURUSD

EURUSD 1 Hour Chart

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

The EURUSD has closed below the recent range support area though, signalling that the downtrend could continue. The moving averages confirm this – they are bearish and widening.

Selling opportunities may exist around the bearish moving averages and around the horizontal levels at 1.1685, 1.1705, 1.1750 and 1.1790.

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 1545 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has been bearish.

The GBPUSD has swung lower and has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential trend – they are bearish and widening.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the trend resistance area and around the horizontal levels at 1.3610, 1.3660, 1.3715, 1.3745 and 1.3770.

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 1545 UTC today. The Governor of the BOE will speak at the same time.

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bullish.

Price has been down-trending but the recent bullish move has swung above the trend resistance area and the moving averages – suggesting that the downtrend could be over. The moving averages are tightening and moving sideways, signalling market indecision.

Trading opportunities may exist around the moving averages, around the previous trend resistance area (as support) and around any of the identified horizontal levels at 1.2590, 1.2610, 1.2660, 1.2725 and 1.2835.

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 1545 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in our last chart analysis, USDCHF reversed around the shorter-term moving average and has been bullish.

Price is up-trending. The moving averages suggest that the upside direction may continue – they are bullish and widening.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9285, 0.9250 and 0.9220. A bullish move may be rejected or reverse around the recent highs 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 original expected.

The Chair of the Federal Reserve will speak at 1545 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been bullish and has climbed higher, as suggested in our last analysis.

USDJPY is forming a large bullish move. Price has started to find resistance, signalling the start of a potential retrace move. The moving averages are bullish and steady, suggesting that the uptrend could continue. USDJPY is around a key higher time-frame resistance, signalling a potential bearish move.

Opportunities to go long may 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. A bullish move could stall or reverse around the recent highs at 111.65.

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 1545 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, price has been bearish and has swung lower.

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

Opportunities to go short could exist around the bearish moving averages and around any of the horizontal levels at 1742, 1760, 1779 and 1784. A bearish move may find support around 1730.

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