TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 05, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/04/triumphfx-intraday-forex-analysis-1-hour-charts-october-04-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, the AUDUSD has been moving sideways.

Price is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The AUDUSD is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.7175, 0.7200, 0.7225, 0.7230, 0.7300, 0.7315 and 0.7340.

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.

A US services PMI figure will be released at 1400 UTC today.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been finding support around 0.8530, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently. The EURGBP is also indecisive on higher time-frames – providing no indication of future price direction. Price action has recently formed a series of lower swing highs and lows though and the moving averages are currently bearish, suggesting a potential downside move.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.8505, 0.8530, 0.8565, 0.8575, 0.8590 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, which will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, price has reversed around the trend resistance area.

The EURUSD is down-trending and is currently in a retrace move. The moving averages are tightening and moving sideways, signalling market indecision – price could struggle to swing lower. The EURUSD is also down-trending on higher time-frames.

Selling opportunities may exist around the trend resistance area, around the moving averages and around any of the horizontal levels at 1.1605, 1.1635, 1.1685 and 1.1750. A bearish move could be rejected or reverse around the recent lows at 1.1565.

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.

A US services PMI figure will be released at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around 1.3610, as suggested in our last chart analysis.

The GBPUSD is down-trending and is currently in a strong retrace move. The moving averages are bullish and widening, signalling that price may struggle to swing lower.

Shorting opportunities could exist around any of the horizontal levels at 1.3620, 1.3660, 1.3715, 1.3745, 1.3770 and 1.3805. An attempt to swing lower may stall or reverse around the dynamic support of the moving averages and around the horizontal levels at 1.3485, 1.3450 and 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.

A US services PMI figure will be released at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCAD was been bearish and has reversed around the bearish channel support area.

Price is down-trending within a bearish channel. USDCAD is currently in a retrace phase. The moving averages are currently bearish and widening, suggesting that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around any of the horizontal levels at 1.2655, 1.2730 and 1.2770. A bearish move could find support around the recent swing low at 1.2570 and around the bearish channel support area.

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.

A US services PMI figure will be released at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

USDCHF has been bearish.

Price action has formed a series of lower swing highs and lower swing lows, suggesting a potential downtrend. The moving averages suggest that the downside direction may continue – they are are bearish and widening. USDCHF is up-trending on higher time-frames, signalling a potential bullish move.

Selling opportunities could exist around the diagonal resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 0.9285, 0.9330 and 0.9365. A bearish move may find support around the horizontal support levels at 0.9235, 0.9220 and 0.9165.

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.

A US services PMI figure will be released at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price has reversed around 110.85.

USDJPY is indecisive and is lacking trend momentum. Price is currently ranging between 110.85 and 111.30. The moving averages are moving sideways – confirming the market indecision. USDJPY is up-trending longer-term, suggesting a potential bullish move.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around 111.65 and 112.00. A bearish move could find support around 110.00.

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.

A US services PMI figure will be released at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish and has formed a higher swing high, as suggested in our last analysis.

GOLD is potentially up-trending – price action has formed a short series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the upside may continue.

Opportunities to go long could exist around the longer-term moving average and around the horizontal levels at 1749, 1745 and 1723. A bullish move may find resistance around the shorter-term moving average and around the horizontal levels at 1769, 1779, 1784 and 1806.

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