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


Previous analysis… https://analysis.tfxi.com/2021/12/07/triumphfx-intraday-forex-analysis-1-hour-charts-december-06-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

AUDUSD has been down-trending and is currently in a retrace move. The retrace move has swung above the moving averages and trend resistance area, suggesting that the downtrend could becoming to an end – downside momentum is weakening. The moving averages confirm this – they are starting to tight and move sideways.

Trading opportunities may exist around the moving averages, around the previous trend resistance area (as support) and around any of the horizontal levels at 0.6995, 0.7085, 0.7170, 0.7205 and 0.7225.

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.

A US job openings figure will be released at 1500 UTC. The Governor of the RBA will speak at 2205 UTC.

EURGBP

EURGBP 1 Hour Chart

As suggested in our last chart analysis, price has been finding support around 0.8490.

EURGBP is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the 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

EURUSD has been bearish and has found support around 1.1230, as suggested in our last analysis.

Price is bearish and has formed a bearish channel. 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 1.1260, 1.1270, 1.1325, 1.1350 ad 1.1380. A bearish move could be rejected or reverse around the channel support area and around the horizontal levels at 1.1230 and 1.1190.

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.

A US job openings figure will be released at 1500 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GBPUSD has been bearish and has found support around 1.3220.

Price is down-trending and is currently forming a bearish move. GBPUSD is struggling to swing lower, suggesting that downside momentum is weakening – the downtrend may becoming to an end. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3285, 1.3330, 1.3345 and 1.3360. GBPUSD may continue to find support around 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.

A US job openings figure will be released at 1500 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been bearish – as suggested in yesterday’s analysis.

The USDCAD was up-trending within a bearish channel. The recent bearish move has swung below a number of key support levels, suggesting a potential downtrend. The moving averages confirm this – they have crossed bearish and are widening.

Selling opportunities may exist around the bearish moving averages and around any of the horizontal levels at 1.2705, 1.2725 and 1.2765. A bearish move could find support around 1.2640, 1.2635 and 1.2590.

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.

A US job openings figure will be released at 1500 UTC. The BOC will release a rate statement and announce the official interest rate at the same time.

USDCHF

USDCHF 1 Hour Chart

As suggested in our last analysis, price has been bullish.

The USDCHF was indecisive but is now currently bullish. The moving averages are bullish and widening, suggesting that the upside direction may continue.

Opportunities to go long could exist around the bullish moving averages and around the horizontal levels at 0.9235, 0.9220 and 0.9165. A bullish move may stall or reverse 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.

A US job openings figure will be released at 1500 UTC.

USDJPY

USDJPY 1 Hour Chart

The USDJPY closed above the range resistance area and has since been bullish, as suggested in our last chart analysis.

Price is above the recent consolidation area, suggesting a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Long opportunities may exist around the moving averages and around the horizontal levels at 113.55 and 112.60. A bullish move could be rejected or reverse around 113.90, 114.45, 114.60 and 114.90.

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.

A US job openings figure will be released at 1500 UTC.

XAUUSD

XAUUSD 1 Hour Chart

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

GOLD was down-trending but is now indecisive and moving sideways. The moving averages confirm the market indecision – they are tight and moving sideways. Price is ranging between 1763 and 1791.

Trading opportunities could exist around the support and resistance areas of the range and if XAUUSD moves out of the range (break-out trade). A break to the upside may find resistance around 1802 and 1812.

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