TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 10, 2021


Previous analysis… https://analysis.tfxi.com/2021/12/09/triumphfx-intraday-forex-analysis-1-hour-charts-december-08-2021-2/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price has been finding support around the shorter-term moving average.

AUDUSD has formed a large bullish move and is currently in a retrace move. The moving averages are bullish and widening, signalling that price could attempt to swing higher.

Opportunities to go long may exist around the dynamic support of the moving averages, around the previous trend resistance area (as support) and around the horizontal level at 0.7082. A bullish move could stall or reverse around the horizontal levels at 0.7180, 0.7205, 0.7225 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.

A US CPI figure will be released at 1330 UTC.

EURGBP

EURGBP 1 Hour Chart

Price was bullish and has formed a swing higher, as suggested in our last chart analysis.

EURGBP is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages suggest that the uptrend may continue – they are bullish and are widening. Price is indecisive on higher time-frames.

Long opportunities could exist around the bullish moving averages and around the horizontal levels at 0.8550, 0.8525, 0.8490 and 0.8485. A bullish move may find resistance around the recent swing high at 0.8590.

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 yesterday’s analysis, EURUSD reversed around 1.1350.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.1205, 1.1240, 1.1270, 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.

A US CPI figure will be released at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending but is struggling to swing lower, signalling that bearish momentum is weakening – the downtrend may becoming to an end. The moving averages continue to be bearish and steady though. GBPUSD is up-trending on higher time-frames, signalling a potential bullish move.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1.3220, 1.3285, 1.3330, 1.3345, 1.3360 and 1.3385. An attempt to swing lower may be rejected or reverse around the horizontal support area at 1.3185.

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 CPI figure will be released at 1330 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been bullish.

The USDCAD has formed a large bearish move and is currently in a retrace phase. Price action has swung below a number of key support levels, suggesting a potential downtrend. The moving averages are bearish and steady – confirming the potential downside.

Shorting opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the previous horizontal support levels at 1.2725 and 1.2765. A bearish move could be rejected or reverse around the shorter-term moving average and 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.

A US CPI figure will be released at 1330 UTC.

USDCHF

USDCHF 1 Hour Chart

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

The USDCHF is indecisive but is showing signs of a potential uptrend. The moving averages are tight and moving sideways, signalling market indecision. Price is ranging between 0.9160 and 0.9270.

Trading opportunities could exist around the diagonal support area, around the moving averages and around any of the horizontal levels at 0.9160, 0.9165, 0.9190, 0.9270 and 0.9320.

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 CPI figure will be released at 1330 UTC.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been moving sideways.

Price is indecisive and is ranging between 112.60-113.90. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade). A break to the upside could find resistance around 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 CPI figure will be released at 1330 UTC.

XAUUSD

XAUUSD 1 Hour Chart

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

Price is indecisive and is lacking trend direction. The moving averages are tight and moving sideways – confirming the current indecision. XAUUSD is ranging and has formed a horizontal channel at 1763-1792.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the upside may find resistance around 1802, 1812 and 1849.

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