TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 09, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bullish and has also continued to find resistance around the recent highs at 0.7450.

Price is clearly up-trending within a large bullish channel. The moving averages have become tight and are moving sideways, signalling market indecision – the uptrend could becoming to an end. The AUDUSD could start ranging between 0.7385 and 0.7450.

Buying opportunities may exist around the moving averages, around the bullish channel support area and around the horizontal support levels at 0.7405, 0.7385, 0.7355, 0.7340 and 0.7325. A bullish move could be rejected or reverse around the possible range resistance area and around the bullish 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 has been finding support around the longer-term moving average, as suggested in yesterday’s chart analysis.

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

Long opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal support levels at 0.9045, 0.8990 and 0.8935. A bullish move may stall or reverse around the shorter-term moving average and around the horizontal resistance levels at 0.9110 and 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

Price has been moving sideways.

The EURUSD has been up-trending and is currently in a retrace phase. Price is looking a little indecisive. The moving averages confirm the indecision – they are tight and moving sideways. The EURUSD could start ranging between 1.2090 and 1.2175.

Trading opportunities may exist around the support and resistance areas of the range and if price 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 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

As suggested in yesterday’s chart analysis, price has been reversing off the longer-term moving average.

The GBPUSD is indecisive and is lacking trend momentum. The moving averages are moving sideways and have been crossing frequently, confirming the current indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3205, 1.3250, 1.3300, 1.3400 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

USDCAD reversed off the recent lows at 1.2775, as suggested in yesterday’s chart analysis.

Price has been down-trending but is currently indecisive and moving sideways. The moving averages are tightening and beginning to move sideways also – confirming the indecision. Price action has formed a horizontal channel at 1.2770-1.2825.

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

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.

The BOC will release a rate statement and announce the official interest rate at 1500 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCHF has been bearish and has swung lower.

Price is clearly down-trending – USDCHF has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is also down-trending on higher time-frames.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8880, 0.8910, 0.8935 and 0.9020.

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

Price continues to be indecisive, as suggested in yesterday’s chart analysis.

USDJPY is lacking trend direction. Price is choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around any of the horizontal levels at 103.65, 103.75, 103.95, 104.30 and 104.75.

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

As suggested in yesterday’s chart analysis, price has been finding support around the shorter-term moving average and the horizontal level at 1857.

GOLD is up-trending. Price action has formed a bullish channel. The moving averages are bullish and steady, signalling 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 1857, 1845, 1827 and 1816. A bullish move may find resistance around the channel resistance area and around the horizontal resistance levels at 1876 and 1895.

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