TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 07, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, the AUDUSD reversed around the shorter-term moving average.

Price has been up-trending and has formed a large bullish channel. The AUDUSD is currently in a retrace phase. The moving averages are bullish and widening, signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7400, 0.7355, 0.7340 and 0.7325. A bullish move could find resistance around the channel resistance area.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

EURGBP

EURGBP 1 Hour Chart

The EURGBP was bullish, as suggested in Friday’s chart analysis.

Price has since been bearish and has formed a lower swing high. The EURGBP is signalling both potential upside and downside directions, suggesting possible indecision. The moving averages confirm this – they are tightening and starting to move sideways.

Trading opportunities could exist around the trend support area, around the support and resistance areas of the bearish channel and around any of the horizontal levels at 0.8895, 0.8935, 0.8990, 0.9060 and 0.9080.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

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.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price is currently finding support around the diagonal support area and the 23.6% Fib level.

The EURUSD is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Long opportunities may exist around the diagonal support area, around any of the key Fib levels, around the longer-term moving average and around 1.1995. A bullish move could find resistance around the shorter-term moving average and around the recent highs at 1.2175.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

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

GBPUSD

GBPUSD 1 Hour Chart

Price has been reversing around the shorter-term moving average, as suggested in Friday’s chart analysis.

The GBPUSD is up-trending and is currently in a retrace phase. The moving averages are bullish and widening, suggesting that the uptrend may continue. Price recently closed above key resistance on higher time-frames, adding confidence to potential upside.

Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 1.3415 and 1.3295.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in Friday’s chart analysis, USDCAD has been bearish and has swung lower.

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

Selling opportunities may exist around the dynamic resistance of the moving averages and around the trend resistance area.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

USDCHF 

USDCHF 1 Hour Chart

USDCHF has been bearish and has swung lower, as suggested in Friday’s chart analysis.

Price is clearly down-trending. The moving averages are bearish and steady, suggesting that the downside direction may continue. USDCHF is also down-trending on higher time-frames.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the trend resistance area. A bearish move may stall or reverse around the recent lows at 0.8895.

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 at least 2021.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

USDJPY

USDJPY 1 Hour Chart

As suggested in Friday’s chart analysis, price has reversed around the range support area.

USDJPY continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging between 103.65 and 104.75.

Trading opportunities may exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade).

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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, relative to other 1st world countries.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish, as suggested in Friday’s chart analysis.

GOLD has formed a higher swing high, signalling the start of a potential uptrend. The moving averages are bullish and steady, suggesting that the trend may continue.

Buying opportunities could exist around any of the key Fib levels, around the longer-term moving average and around 1816. A bullish move may find resistance around 1857 and 1876.

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