TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 08, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/07/triumphfx-intraday-forex-analysis-1-hour-charts-october-07-2021/

AUDUSD

AUDUSD 1 Hour Chart

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

AUDUSD continues to be indecisive. Recent price action has formed higher swing highs and higher swing lows though, signalling a potential uptrend. The moving averages confirm this – they are bullish and steady. Price continues to be indecisive on higher time-frames.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7255, 0.7230 and 0.7200. A bullish move may be rejected or reverse around the horizontal resistance levels at 0.7310 and 0.7320.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish, as suggested in our last chart 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, signalling that the downtrend could continue. Price action has formed a bearish channel.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8500, 0.8525 and 0.8565. A bearish move could find support around the bearish channel support area.

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 chart analysis, EURUSD has been finding resistance around the shorter-term moving average.

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 widening, signalling that the downtrend may continue. EURUSD is also down-trending on higher time-frames.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1570, 1.1610, 1.1635 and 1.1685. A bearish move may stall or reverse around the recent swing low at 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD is moving sideways, as suggested in yesterday’s analysis.

Price is indecisive and is lacking trend momentum. GBPUSD is currently ranging between 1.3550 and 1.3640. The moving averages are tight and moving sideways – confirming the market indecision.

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 1.3660, 1.3715, 1.3745 and 1.3770. A break to the downside could find support around 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, price found resistance around the shorter-term moving average and has since been bearish.

The USDCAD is down-trending and is currently forming a new swing low. Price is trending within a large bearish channel. The USDCAD is also down-trending on higher time-frames.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2560, 1.2640, 1.2655, 1.2730 and 1.2770.

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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF 

USDCHF 1 Hour Chart

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

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

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9220, 0.9235, 0.9260, 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been bullish.

Price continues to be indecisive. Recent price action has been bullish though and has formed higher swing highs and lows, as well as a bullish channel – signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 111.75, 111.25 and 110.85. A bullish move may be rejected or reverse around 112.05 and around the bullish channel resistance 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 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.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

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

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

Trading opportunities may 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 could find resistance around 1779. A break to the downside could find support around 1745 and 1723.

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