TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 30, 2021
Previous analysis… https://analysis.tfxi.com/2021/09/29/triumphfx-intraday-forex-analysis-1-hour-charts-september-29-2021/
AUDUSD
As suggested in yesterday’s chart analysis, price closed below the range support area and has since been bearish.
AUDUSD is below the recent consolidation area, suggesting that price may start down-trending again. The moving averages confirm the potential downtrend – they are bearish and widening.
Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7225, 0.7240, 0.7315 and 0.7340. A bearish move may stall or reverse around the recent swing low at 0.7175.
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 testify at 1400 UTC today.
EURGBP
Price has been bullish, as suggested in yesterday’s analysis.
EURGBP is up-trending and is currently in a retrace move. The moving averages are bullish and widening, signalling that the uptrend could continue. Price continues to be indecisive on higher time-frames.
Opportunities to go long may exist around the dynamic support of the moving averages, around any of the key Fib levels and around any of the horizontal levels at 0.8620, 0.8605, 0.8595 and 0.8575. A bullish move could find resistance around the recent swing high at 0.8650.
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, which will directly impact this currency pair.
EURUSD
As suggested in our last chart analysis, EURUSD reversed around the shorter-term moving average and 1.1685 and has since been bearish.
Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages suggest that the downside direction may continue – they are bearish and steady. EURUSD is also down-trending on higher time-frames.
Shorting opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.1685, 1.1705 and 1.1750. Price may be rejected or reverse around the recent lows at 1.1595.
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 testify at 1400 UTC today.
GBPUSD
GBPUSD has been bearish, as suggested in our last analysis.
Price is down-trending and is currently entering a potential retrace move. The moving averages are bearish and widening, signalling that the downtrend could continue.
Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 1.3610 and 1.3660. A bearish move could stall or reverse around the recent lows at 1.3415.
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 testify at 1400 UTC today.
USDCAD
Price has been bullish.
The USDCAD is indecisive and is lacking trend momentum. Recent price action has been bullish though and the moving averages are bullish and widening, signalling a potential uptrend.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.2600, 1.2660, 1.2725, 1.2770, 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.
The Chair of the Federal Reserve will testify at 1400 UTC today.
USDCHF
As suggested in yesterday’s analysis, price has been bullish.
The USDCHF has swung higher and is currently in a retrace move. Price is clearly up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue.
Long opportunities may exist around the dynamic support of the moving averages, around the trend support area, around any of the key Fib levels and around the horizontal levels at 0.9325, 0.9285, 0.8250 and 0.9220. A bullish move could find resistance around the recent highs at 0.9350.
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 testify at 1400 UTC today.
USDJPY
The USDJPY has been bullish, as suggested in our last chart analysis.
Price is up-trending. Price action has formed a large bullish move. The moving averages are bullish and steady, suggesting that the uptrend may continue. The current rally is starting to look over-extended, signalling that a retrace move may be due.
Opportunities to go long could exist around the bullish moving averages, around any of the key Fib levels and around the horizontal levels at 111.65, 111.30, 110.80, 110.55 and 110.40. A bullish move may find resistance or even reverse around 112.00.
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 testify at 1400 UTC today.
XAUUSD
As suggested in our last analysis, GOLD has been bearish and has swung lower.
Price 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, suggesting that the downtrend could continue.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 1745, 1760 and 1779. A bearish move could find support or reverse around the diagonal support area and around the recent lows at 1723.
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