TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 06, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/05/triumphfx-intraday-forex-analysis-1-hour-charts-october-05-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has been moving sideways and has reversed around 0.7300.

AUDUSD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price is ranging between the support and resistance areas at 0.7255 and 0.7300.

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 downside may find support around 0.7230, 0.7200 and 0.7175. A break to the upside may find resistance around 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 non-farm employment change figure will be released at 1215 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish and is currently finding support around 0.8505, as suggested in our last analysis.

EURGBP is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downtrend could continue. Price continues to be indecisive on higher time-frames.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.8530, 0.8565, 0.8575 and 0.8590. EURGBP could continue to find support around the recent lows at 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, which will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s analysis, EURUSD reversed around 1.1605 and the trend resistance area.

Price has since been bearish. EURUSD is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are moving sideways though, suggesting market indecision.

Shorting opportunities could exist around the moving averages, around the trend resistance area and around the horizontal levels at 1.1610, 1.1635 and 1.1685. A bearish move may be rejected or reverse around the recent swing low 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 non-farm employment change figure will be released at 1215 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending and is currently in a strong retrace move. The moving averages are bullish and steady, signalling that GBPUSD could struggle to swing lower – the downtrend could becoming to an end. Price is up-trending on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.3415, 1.3450, 1.3485, 1.3640, 1.3660, 1.3715, 1.3745, 1.3770 and 1.3805.

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 non-farm employment change figure will be released at 1215 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price found support around 1.2570.

The USDCAD is down-trending within a large bearish channel. Price is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend may continue. The USDCAD is also down-trending on higher time-frames.

Selling opportunities could exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal levels at 1.2655, 1.2730, 1.2770 and 1.2835. A bearish move may be rejected or reverse around the channel support area, around the shorter-term moving average and around the horizontal levels at 1.2620 and 1.2560.

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 non-farm employment change figure will be released at 1215 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price found resistance around 0.9285, as suggested in our last analysis.

The USDCHF has since been bullish though and has swung above the resistance area. Price was showing signs of a potential downtrend but is now looking indecisive again. The moving averages are beginning to move sideways – confirming the potential indecision. The USDCHF is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages, around the previous diagonal resistance area (as support) and around any of the horizontal levels at 0.9220, 0.9235, 0.9285, 0.9330 and 0.9365.

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 non-farm employment change figure will be released at 1215 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

Price continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 110.00, 110.85, 111.30 and 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.

A US non-farm employment change figure will be released at 1215 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed around 1749, as suggested in yesterday’s chart analysis.

Price action was signalling a potential uptrend but is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1723, 1745, 1749, 1769, 1779 and 1784.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 0