TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 27, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/26/triumphfx-intraday-forex-analysis-1-hour-charts-october-26-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been reversing off the trend support area and the moving averages.

AUDUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows – but has recently been moving sideways. Price is currently looking a bit indecisive but is bullish and may attempt to swing higher. The moving averages confirm the potential indecision – they are tight and moving sideways.

Opportunities to go long could exist around the trend support area, around the moving averages and around any of the horizontal levels at 0.7455, 0.7430, 0.7385 and 0.7325. A bullish move may find resistance around the recent swing high at 0.7540.

The Reserve Bank of Australia (RBA) continues to keep the official interest rate at the record low of 0.10%. The rate is could stay the same until 2024. The RBA are expecting an economic bounce back during 2022.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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

EURGBP

EURGBP 1 Hour Chart

Price has been bearish.

EURGBP was moving within a horizontal channel at 0.8420-0.8465 but price has broken below the channel support area, signalling a potential downtrend. The moving averages have crossed bearish – confirming the the potential downside.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.8455, 0.8465, 0.8475, 0.8485 and 0.8500. A bearish move could be rejected or reverse around the horizontal support levels at 0.8420 and 0.8405.

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. Inflation targets and economic growth forecasts have been lifted for this year.

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, although inflation fears have been mentioned by many.

The UK’s annual budget will be released today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, EURUSD reversed around the previous consolidation support area and the shorter-term moving average.

Price has since been retracing off 1.1580, as also suggested. Price action has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm this – they are bearish and widening.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.1620 and 1.1665. A bearish move may find support around any of the identified horizontal support levels at 1.1585, 1.1575, 1.1540 and 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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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. Inflation targets and economic growth forecasts have been lifted for this year.

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

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has reversed off the range resistance area, as suggested in our last chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. GBPUSD is ranging between 1.3740 and 1.3830.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the downside could find support around any of the horizontal support levels at 1.3720 and 1.3665.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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, although inflation fears have been mentioned by many.

The UK’s annual budget will be released today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, price reversed around the longer-term moving average and the trend support area.

The USDCAD is currently bullish and up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around the trend support area, around the dynamic support of the moving averages and around any of the horizontal support levels at 1.2340, 1.2320 and 1.2295. A bullish move may stall or reverse around any of the horizontal levels at 1.2400, 1.2440, 1.2495 and 1.2560.

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 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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

The BOC will release a monetary policy report and rate statement at 1400 UTC today. This is followed by a press conference at 1500 UTC.

USDCHF

USDCHF 1 Hour Chart

Price has been bearish, as suggested in our last analysis.

The USDCHF is clearly down-trending – price action has formed a series of lower swing highs and lows. Price is currently in a retrace phase. The moving averages have crossed bullish and are moving sideways, suggesting that the USDCHF could struggle to swing lower. Price is looking indecisive on higher time-frames.

Selling opportunities may exist around the trend resistance area and around the horizontal resistance levels at 0.9225, 0.9245 and 0.9265. Price could be rejected or reverse around the moving averages and around the recent swing low at 0.9150.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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.

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

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been moving sideways.

Price is lacking trend momentum and has become indecisive. The moving averages confirm the market indecision – they have been crossing and are moving sideways. The USDJPY is up-trending on higher time-frames, suggesting a potential upside move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 113.25, 113.40, 114.45 and 114.60.

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 but some analysts are stating that the Japanese economy is stagnant and may experience economic challenges in the coming months.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, XAUUSD has been finding support around 1785.

GOLD is up-trending and is currently in a retrace phase. Price has swung below the trend support area and the moving averages, suggesting that GOLD could struggle to swing higher. The moving averages confirm this – they are moving sideways, rather than being bullish.

Buying opportunities may exist around any of the horizontal support levels at 1785, 1778, 1770 and 1760. A bullish move could find resistance around the previous trend support area, around the moving averages and around the recent highs at 1808 and 1812.

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