TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 28, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/27/triumphfx-intraday-forex-analysis-1-hour-charts-october-27-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, the AUDUSD has become indecisive.

Price was up-trending but is now moving sideways. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. The AUDUSD is ranging between 0.7455 and 0.7540.

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 downside could find support around 0.7430, 0.7385 and 0.7325.

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.

An advanced US GDP figure will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has reversed off 0.8465 and 0.8455, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages have been crossing and are moving sideways – confirming the market indecision. The EURGBP is ranging and is forming a horizontal channel at 0.8405-0.8465.

Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the upside may find resistance around 0.8485, 0.8500 and 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. 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 ECB will release a rate statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around 1.1620 and the longer-term moving average.

The EURUSD is now looking indecisive again, though the moving averages continue to be bearish and steady – signalling the potential downtrend. Price is currently ranging between 1.1585 and 1.1620.

Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade). A break to the downside could find support around 1.1575 and 1.1540. A break to the upside could find resistance around 1.1665.

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.

The ECB will release a rate statement at 1145 UTC today. This is followed by a press conference at 1230 UTC. A advanced US GDP figure will be released at 1230 UTC also.

GBPUSD

Price has been bearish.

The GBPUSD has swung below the consolidation support area, suggesting a potential downtrend. The moving averages confirm this – they are bearish and steady. Price is up-trending on higher time-frames though – the GBPUSD is providing mixed signals.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal resistance at 1.3830. A bearish move may stall or reverse around the horizontal support levels at 1.3710, 1.3665 and 1.3575.

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.

An advanced US GDP figure will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bearish.

Price has broken the trend support area and has formed a lower swing low, signalling that the uptrend could be over. USDCAD is now looking indecisive. The moving averages are tightening and moving sideways – confirming the market indecision. Price is currently testing the previous trend support area as resistance.

Trading opportunities may exist around the previous trend support area, around the moving averages and around any of the identified horizonal levels at 1.2295, 1.2320, 1.2400, 1.2425 and 1.2495.

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.

An advanced US GDP figure will be released at 1230 UTC today.

USDCHF

USDCHF 1 Hour Chart

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

Price was down-trending but USDCHF has failed to swing higher and is starting to look indecisive. The moving averages are tight and moving sideways – confirming the indecision. Price is also looking indecisive on higher time-frames.

Trading opportunities could exist around the moving averages, around the trend resistance area and around any of the horizontal levels at 0.9150, 0.9170, 0.9225, 0.9250 and 0.9265.

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.

An advanced US GDP figure will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been moving sideways, as suggested in yesterday’s chart analysis.

USDJPY is indecisive and is lacking trend momentum. The moving averages confirm the current indecision – they are moving sideways. Price action has formed a horizontal channel at 113.40-114.25 and price is ranging within the channel.

Trading opportunities may exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the upside could find resistance around 114.45 and 114.60. A break to the downside could find support around 113.25.

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.

An advanced US GDP figure will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish off the horizontal level at 1785.

GOLD has been finding resistance around the previous trend support area, as also suggested in yesterday’s analysis. Price is up-trending and is currently attempting a bullish move to recent highs. The moving averages are tight and have crossed bearish, signalling potential indecision.

Long opportunities could exist around the moving averages and around any of the horizontal levels at 1785, 1778, 1768 and 1762. XAUUSD may be rejected or reverse around the previous trend support area and around the horizontal resistance levels at 1808 and 1812.

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