TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 13, 2020


AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bearish.

Price is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Buying opportunities could exist around the trend support area, around the 50.0% and 61.8% Fib levels and around the horizontal support at 0.7100. A bullish move may be rejected or reverse around the moving averages and around the horizontal resistance areas at 0.7205 and 0.7240.

The Reserve Bank of Australia (RBA) have kept rates at 0.25% (a record low). Policymakers are now focused on economic recovery created by the COVID-19 crisis. The board believe they recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

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

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, EURGBP has been bearish after reversing around the previous diagonal support area and the horizontal level at 0.9075.

Price is down-trending – price action has formed a series of lower swing highs and lower swing lows. EURGBP is currently finding support around the recent lows at 0.9035. The moving averages are bearish and steady, signalling that the downside direction could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.9045, 0.9075, 0.9120 and 0.9155. Price could continue to find support around the recent lows at 0.9035.

The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.

The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.

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

EURUSD

EURUSD 1 Hour Chart

Price reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

EURUSD is clearly up-trending. Price is moving within a bullish channel and is currently in a retrace phase. The moving averages are bullish and steady, suggesting that the upside momentum may continue. EURUSD is also up-trending on higher time-frames, adding confidence that the uptrend may continue.

Long opportunities could exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1.1780, 1.1745, 1.1725 and 1.1695. A bullish move may stall or reverse around the recent swing high at 1.1830 and around the bullish channel resistance area.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.

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

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been finding resistance around the bullish channel resistance area.

GBPUSD is clearly up-trending – price action has been forming higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the previous horizontal resistance levels at 1.2995 and 1.2970 and around the bullish channel support area. GBPUSD could continue to find resistance around the channel resistance area.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.

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

USDCAD

USDCAD 1 Hour Chart

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

Price is down-trending. The moving averages are bearish and steady, suggesting that the downtrend may continue. The USDCAD is looking a little over-extended though, signalling that a bullish retrace move may be due.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal l at 1.3250. Price may continue to find support around 1.3105.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Policymakers have announced that there are signs of some recovery after the economic crisis caused by COVID-19 but the BOC will continue their quantitative easing program. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCHF has been bearish.

Price is down-trending. The moving averages are bearish and widening, signalling that the downward direction could continue. The USDCHF is also down-trending on higher time-frames, adding confidence that the current trend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.9115, 0.9135, 0.9185 and 0.9210.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy continues to be stagnant. The economy was showing signs of positive momentum but COVID-19 is causing the economic to contraction. The Swiss Franc continues to be highly valued as a safe-haven currency. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

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

USDJPY

USDJPY 1 Hour Chart

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

The uptrend is over. Price action is forming a lower swing low and the moving averages are bearish and widening, all suggesting that the USDJPY may start down-trending. Price is also down-trending on higher time-frames, adding confidence that the USDJPY may move lower.

Selling opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 105.80 and 106.05. A bearish move may find support around 105.05 and 104.45.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis.

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

XAUUSD

XAUUSD 1 Hour Chart

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

GOLD is up-trending and is currently in a retrace phase. Price is moving within a bullish channel. The moving averages are bullish and widening and GOLD is up-trending on higher time-frames, all suggesting that the upside momentum could continue.

Buying opportunities may exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1898, 1883 and 1876. A bullish move could find resistance around the shorter-term moving average, around the channel resistance area and around the horizontal resistance levels at 1917 and 1931.

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