TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 08, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the bullish channel support area and has since been bullish.

AUDUSD continues to uptrend and be bullish. Price is moving within a large bullish channel. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7385, 0.7355, 0.7340 and 0.7325. A bullish move may stall or reverse around the recent highs at 0.7450 and 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

Price has been bullish and has swung higher.

EURGBP is up-trending again – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.8990, 0.8935 and 0.8895. A bullish move could be rejected or reverse around the recent swing high at 0.9135.

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 yesterday’s chart analysis, EURUSD has reversed around the 38.2% Fib level.

Price is clearly up-trending. EURUSD is currently in a retrace phase. The bullish moving averages are tightening and starting to move sideways, suggesting that price may struggle to swing higher – the uptrend may becoming to an end.

Buying opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.1995 and 1.1925. A bullish move may find resistance and even reverse around the shorter-term moving average and around the recent swing high 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

GBPUSD has been bearish.

Price is looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3170, 1.3205, 1.3250 and 1.3515.

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 yesterday’s chart analysis, price reversed around the shorter-term moving average.

The USDCAD is clearly down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance at 1.3005. An attempt to swing lower may find support around 1.2775.

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

Price reversed around the longer-term moving average and has swung lower, as suggested in yesterday’s chart analysis.

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

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8935 and 0.9020. The USDCHF could stall or reverse around the recent lows at 0.8880.

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 yesterday’s chart analysis, the USDJPY has been moving sideways.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The USDJPY has formed a horizontal channel at 103.65-104.75.

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).

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

GOLD reversed around the longer-term moving average and has swung higher, as suggested in yesterday’s chart analysis.

Price is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady and price action has formed a bullish channel, all suggesting that the uptrend could continue.

Opportunities to go long may exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1857, 1845, 1827 and 1816. A bullish move could find resistance around the channel resistance area and around the horizontal resistance levels at 1876 and 1896.

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