TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 09, 2021


Previous analysis… https://analysis.tfxi.com/2021/12/08/triumphfx-intraday-forex-analysis-1-hour-charts-december-08-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish.

Price was down-trending but bearish momentum seems to be weak – price action has been bullish. The current retrace move is strong and has swung above key resistance levels, suggesting that the downtrend is over. The moving averages are bullish and widening, signalling potential upside.

Trading opportunities could exist around the moving averages, around the previous trend resistance area (as support) and around any of the identified horizontal levels at 0.6995, 0.7085, 0.7170, 0.7205, 0.7230 and 0.7270.

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

The EURGBP reversed around 0.8490, as suggested in yesterday’s analysis.

Price was indecisive but is currently forming a swing higher. The EURGBP is above the recent consolidation area, signalling a potential uptrend. The moving averages are still moving sideways though, suggesting market indecision. Price continues to be indecisive on higher time-frames.

Buying opportunities may exist around the moving averages and around the horizontal levels at 0.8550, 0.8525, 0.8490 and 0.8485.

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

Price has been bullish.

The EURUSD was showing signs of a potential downtrend but is currently bullish. Overall, price is lacking trend momentum and is looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1190, 1.1205, 1.1240, 1.1270, 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

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

The GBPUSD is down-trending and is currently forming a swing lower. The moving averages suggest that the downside direction could continue – they are bearish and steady.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3220, 1.3285, 1.3330, 1.3345 and 1.3360.

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

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

Price action has formed a large bearish move and has swung below a number of key support levels, suggesting a potential downtrend. USDCAD is now entering a potential retrace move.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.2705, 1.2725 and 1.2765. A bearish move may stall or reverse around the horizontal support levels at 1.2615 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.

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

USDCHF

USDCHF 1 Hour Chart

As suggested in yesterday’s analysis, USDCHF is currently finding support around the longer-term moving average and horizontal level at 0.9220.

Price was indecisive but is currently above the recent consolidation area and has formed a swing higher, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Long opportunities may exist around the longer-term moving average and around the horizontal levels at 0.9220 and 0.9165. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal levels at 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

Price reversed around the longer-term moving average and has since been bullish, as suggested in yesterday’s chart analysis.

USDJPY has formed a short series of higher swing highs and higher swing lows, suggesting a potential uptrend. The moving averages confirm this – they are bullish and widening.

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 113.75 and 113.40. A bullish move may find resistance 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.

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

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last analysis, price has reversed around the range resistance area.

GOLD is currently indecisive and lacking trend direction. The moving averages are tight and moving sideways – confirming the current indecision. XAUUSD is ranging between 1763 and 1792.

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 1802 and 1812.

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