TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 07, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/06/triumphfx-intraday-forex-analysis-1-hour-charts-october-06-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD broke below the range support area and then reversed around 0.7230.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The AUDUSD is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.7200, 0.7230, 0.7255, 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.

There is no major scheduled news today, which will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

The EURGBP reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price is down-trending but is currently moving sideways. The moving averages are bearish and steady, signalling that the downtrend may continue. The EURGBP is indecisive on higher time-frames.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8525, 0.8565, 0.8575 and 0.8590. A bearish move may stall or reverse around the recent lows and psychological level at 0.8500.

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 been bearish.

The EURUSD is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. Price is currently in a retrace move after forming a new swing low. The moving averages are currently bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1565, 1.1610, 1.1635 and 1.1685. A bearish move could find support around 1.1535.

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.

There is no major scheduled news today, which will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

Price has been moving sideways.

The GBPUSD is indecisive and is lacking trend momentum. The moving averages confirm the current indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.3415, 1.3450, 1.3485, 1.3550, 1.3640, 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.

There is no major scheduled news today, which will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, USDCAD has been bearish.

Price is down-trending within a large bearish channel. USDCAD is currently moving sideways though and is ranging between 1.2560 and 1.2640. The moving averages are bearish and steady, signalling 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 1.2640, 1.2655, 1.2730 and 1.2770. A bearish move could be rejected or reverse around 1.2560 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.

The Governor of the BOC will speak at 1600 UTC today.

USDCHF 

USDCHF 1 Hour Chart

USDCHF has been moving sideways, as suggested in our last chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. USDCHF is also indecisive on higher time-frames.

Trading opportunities could 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, 0.9305, 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.

There is no major scheduled news today, which will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last analysis, price has been moving sideways.

USDJPY is indecisive and is lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 110.00, 110.85, 111.75 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.

There is no major scheduled news today, which will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

Price has been moving sideways, a suggested in our last analysis.

GOLD is indecisive and is ranging between 1747 and 1769. The moving averages confirm the current indecision – they are tight and moving sideways. Price is also indecisive on higher time-frames.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside may find resistance around 1779. A break to the downside may find support around 1745 and 1723.

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