TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 10, 2020


AUDUSD

AUDUSD 1 Hour Chart

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

AUDUSD continues to up-trending within a large bullish channel. The moving averages are bullish and steady, signalling that the trend may continue. The bullish channel support and resistance areas have been tested multiple times, suggesting that they may soon break.

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 0.7425, 0.7405, 0.7385, 0.7355, 0.7340 and 0.7325. A bullish move may find resistance around the recent swing high at 0.7485 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

Price reversed around the trend support area, as suggested in yesterday’s chart analysis.

EURGBP has been up-trending but is currently looking indecisive. The moving averages confirm the market indecision – they are tight and moving sideways. Price could start ranging between 0.8990 and 0.9135.

Trading opportunities may exist around the trend support area, around the moving averages and around any of the horizontal levels at 0.8880, 0.8935, 0.8990, 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.

The ECB will release a monetary policy statement and announce the main financing rate at 1245 UTC today. This is followed by a press conference at 1330 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD has been finding resistance around the shorter-term moving average.

Price has been bearish and has formed a bearish channel. The moving averages have also become bearish, signalling that the downside direction may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 1.2150 and 1.2175. A bearish move may be rejected or reverse around the channel support area and around the horizontal levels at 1.1995 and 1.1925.

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.

The ECB will release a monetary policy statement and announce the main financing rate at 1245 UTC today. This is followed by a press conference at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

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

Price is lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3205, 1.3250, 1.3300, 1.3460 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 has been reversing around the support and resistance areas of the horizontal channel.

The USDCAD is indecisive, just like other FX pairs. Price action has formed a horizontal channel at 1.2770-1.2830 and price is consolidating within the channel. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCAD closes 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.

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

USDCHF 

USDCHF 1 Hour Chart

Price has reversed off the horizontal resistance at 0.8910, as suggested in yesterday’s chart analysis.

The USDCHF has been down-trending but is currently moving sideways – price is indecisive. Price action is forming a potential horizontal channel at 0.8870-0.8910. The moving averages are tight and moving sideways – confirming the market indecision.

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

The USDJPY has been bullish.

Price continues to move within a large consolidation area though and be indecisive. The moving averages are currently bullish and steady, suggesting that the upside direction may continue.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 104.30 and 103.95. A bullish move may be rejected or reverse around the consolidation resistance area at 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

GOLD has been bearish.

Price was up-trending but is now looking indecisive. The moving averages are tightening and beginning to move sideways – confirming the indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1767, 1816, 1826 and 1876.

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