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


Previous analysis… https://analysis.tfxi.com/2021/12/03/triumphfx-intraday-forex-analysis-1-hour-charts-december-03-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, the AUDUSD has been bearish and has swung lower.

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 could continue. The AUDUSD is also down-trending on higher time-frames.

Selling opportunities may exist around the bearish moving averages, around the trend resistance area and around any of the horizontal levels at 0.7090, 0.7170 and 0.7205. A bearish move could be rejected or reverse around the recent lows at 0.6995.

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.

The RBA will release a rate statement and announce the official cash rate at 0300 UTC.

EURGBP

EURGBP 1 Hour Chart

The EURGBP moved above the range resistance area and then swung higher, as suggested in Friday’s analysis.

Price is now looking indecisive again. The moving averages confirm the market indecision – they are tight and are moving sideways. The EURGBP is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.8425, 0.8450, 0.8485, 0.8490, 0.8525 and 0.8550.

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.

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

EURUSD

EURUSD 1 Hour Chart

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

The EURUSD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is down-trending on higher time-frames, suggesting a potential bearish move.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.1190, 1.1230, 1.1260, 1.1325, 1.1350 and 1.1380.

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

Price has been bearish.

The GBPUSD is down-trending again – price action is forming lower swing highs and lower swing lows. Price is currently forming a swing high, after reversing around the longer-term moving average. The moving averages are bearish and steady, signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.3330, 1.3345, 1.3360 and 1.3385. A bearish move may stall or reverse around the recent lows at 1.3220.

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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in Friday’s analysis, USDCAD reversed around the bullish channel support area.

Price is clearly up-trending within a bullish channel. USDCAD is struggling to reach the channel resistance area and the moving averages are starting to move sideways, suggesting that upside momentum is weakening – the uptrend could becoming to an end.

Buying opportunities may exist around the channel support area and around any of the horizontal levels at 1.2765, 1.2725, 1.2700 and 1.2640. A bullish move could be rejected or reverse around the moving averages and around the recent swing highs at 1.2840.

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.

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

USDCHF

USDCHF 1 Hour Chart

USDCHF has been bullish.

Price was indecisive and was moving sideways, but recent price action has been bullish. The moving averages are becoming bullish, signalling that the upside direction may continue.

Long opportunities could exist around the bullish moving averages and around the horizontal levels at 0.9250, 0.9220, 0.9165 and 0.9160. A bullish move may find resistance around 0.9270, 0.9320 and 0.9360.

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

As suggested in our last analysis, price has been reversing around the support and resistance areas of the range.

USDJPY is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging and has formed a horizontal channel at 112.60 and 113.55.

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 113.90, 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

Price has been moving sideways.

Just like many FX pairs, GOLD has become indecisive and has been moving sideways. The moving averages are also moving sideways – confirming the current indecision. Price is ranging between 1763 and 1791.

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 1802 and 1812.

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

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