TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 17, 2021


Previous analysis… https://analysis.tfxi.com/2021/12/15/triumphfx-intraday-forex-analysis-1-hour-charts-december-15-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

AUDUSD has formed a swing higher and has seen been in a retrace move. Price action is currently bullish and the moving averages have crossed bullish and are widening, signalling that price could attempt to swing higher. AUDUSD is down-trending on higher time-frames though, suggesting a potential bearish move.

Opportunities to go long may exist around the longer-term moving average, around the trend support area and around the horizontal levels at 0.7095 and 0.7090. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal levels at 0.7180 and 0.7220.

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.

EURGBP

EURGBP 1 Hour Chart

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

EURGBP is indecisive and is moving sideways. Price was showing signs of a potential downtrend but is now looking indecisive again and is ranging between 0.8480 and 0.8525. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities could exist around the previous diagonal resistance area (as support) and around any of the horizontal levels at 0.8450, 0.8480, 0.8525, 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.

EURUSD

EURUSD 1 Hour Chart

EURUSD has been moving sideways, as suggested in our last chart analysis.

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 1.1240, 1.1250, 1.1360 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.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last chart analysis, GBPUSD reversed around 1.3360.

Price has been bullish and is currently in a retrace move. Price action has formed a swing above key resistance levels, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3275, 1.3210, 1.3190 and 1.3185. A bullish move may stall or reverse around the shorter-term moving average and around the horizontal resistance levels at 1.3355 and 1.3365.

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.

USDCAD

USDCAD 1 Hour Chart

Price reversed around 1.2765, as suggested in our last analysis.

The USDCAD is up-trending and is currently in a retrace phase. The moving averages have crossed bearish, suggesting that price could struggle to swing higher.

Buying opportunities may exist around the moving averages and around any of the horizontal levels at 1.2765, 1.2730 and 1.2695. A bullish move could find resistance around 1.2845 and 1.2920.

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.

USDCHF

USDCHF 1 Hour Chart

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

The USDCHF 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 ranging and has formed a horizontal channel at 0.9160 and 0.9270.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCHF moves out of the channel (break-out trade).

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.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been moving sideways, as suggested in our last analysis.

Just like other USD pairs, the USDJPY is indecisive and is moving sideways. The moving averages are tight and also moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 112.60, 113.20, 113.90 and 114.15.

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.

XAUUSD

XAUUSD 1 Hour Chart

XAUUSD has been bullish.

GOLD has formed a large bullish move above key resistance levels, suggesting a potential uptrend. Price is currently in a retrace move. The moving averages confirm the potential upside – they have crossed bullish.

Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around any of the horizontal levels at 1802, 1792, 1790 and 1763. A bullish move may find resistance around the recent swing high at 1812.

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