TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 15, 2021


Previous analysis… https://analysis.tfxi.com/2021/12/14/triumphfx-intraday-forex-analysis-1-hour-charts-december-14-2021/

AUDUSD

AUDUSD 1 Hour Chart

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

Price is below the recent consolidation area and the moving averages are bearish and widening, signalling that the downside momentum may continue. The AUDUSD is starting to look indecisive again though, suggesting that price may move sideways.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7140, 0.7180 and 0.7205. A bearish move may find support around 0.7090 and 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.

A US PPI figure will be released at 1330 UTC.

EURGBP

EURGBP 1 Hour Chart

The EURGBP reversed around 0.8550, as suggested in our last analysis.

Price action was showing signs of potential upside but is now looking indecisive again. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8425, 0.8450, 0.8485, 0.8490, 0.8500, 0.8550 and 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 chart analysis, price reversed around 1.1325.

The EURUSD continues to be indecisive and lack trend momentum. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around any of the identified horizontal levels at 1.1190, 1.1205, 1.1240, 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.

A US PPI figure will be released at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

Price has reversed around 1.3185 and has been moving sideways, as suggested in yesterday’s analysis.

The GBPUSD is indecisive, just like other Forex pairs. The moving averages are tight and moving sideways – confirming the market indecision. Price is ranging between 1.3185 and 1.3270.

Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the upside could find resistance around 1.3285, 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.

A US PPI figure will be released at 1330 UTC.

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bullish.

Price has swung above a number of key resistance levels, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening. USDCAD is up-trending on higher time-frames, adding confidence to the potential upside.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around any of the horizontal levels at 1.2840, 1.2765, 1.2730 and 1.2695.

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 PPI figure will be released at 1330 UTC.

USDCHF

USDCHF 1 Hour Chart

As suggested in our last analysis, USDCHF has been reversing around 0.9190 and 0.9250.

Price is indecisive and is lacking trend direction. The moving averages are tight and crossing frequently – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9160, 0.9165, 0.9190, 0.9250, 0.9260 and 0.9270.

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 PPI figure will be released at 1330 UTC.

USDJPY

USDJPY 1 Hour Chart

Price has been finding resistance around 113.75, as suggested in our last chart analysis.

USDJPY is indecisive and is lacking trend direction, just like other Forex pairs. Price is currently ranging between 113.35 and 113.75. The moving averages confirm the current indecision – they are tight and have been crossing frequently.

Trading opportunities could 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 may find resistance around 113.90 and 114.90. A break to the downside may find support around 112.60.

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.

A US PPI figure will be released at 1330 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s analysis, price has reversed around the range resistance area.

GOLD has since been bearish. Price has swung below the range support area, signalling a potential downtrend. Price action has also formed a potential bearish channel. The moving averages are still tight though, suggesting market indecision.

Shorting opportunities may exist around the moving averages, around the bearish channel resistance area and around any of the horizontal levels at 1771, 1790, 1792 and 1802. A bearish move could be rejected or reverse around the channel support area and around the recent lows at 1763.

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