TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 11, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish and has broken the bullish channel resistance area.

Price is clearly up-trending and has recently been very bullish. The AUDUSD was trending within a bullish channel but has broken above the recent bullish channel resistance area area. The moving averages are bullish and widening, signalling that the uptrend could continue.

Buying opportunities may exist around the previous channel resistance area (as support), around the dynamic support of the moving averages and around the horizontal levels at 0.7485, 0.7425, 0.7405 and 0.7385.

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 resistance around 0.9135, as suggested in yesterday’s chart analysis.

Price was up-trending but is currently struggling to swing higher. The EURGBP is looking indecisive. The moving averages confirm the current indecision – they are tight. Price may start ranging between 0.8990 and 0.9140.

Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). Trading opportunities could also exist around the moving averages and around the trend support area.

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 Governor of the BOE will speak at 0830 UTC today.

EURUSD

EURUSD 1 Hour Chart

Price has been bullish.

The EURUSD was up-trending but has recently been moving sideways. Price action is forming a potential horizontal channel consolidation area at 1.2060-1.2175. The moving averages confirm the current indecision – they are tight and have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the channel and if the EURUSD closes 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 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 reversed around 1.3250.

The GBPUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.3250, 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.

The Governor of the BOE will speak at 0830 UTC today.

USDCAD

USDCAD 1 Hour Chart

USDCAD closed below the horizontal channel support area and has since been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending – price action has formed a series of lower swing lows and lower swing highs. The moving averages are bearish and widening, suggesting that the downtrend could continue. USDCAD has formed a potential bearish channel.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2770 and 1.2830. A bearish move could stall or reverse around 1.2715 and around the bearish channel support 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.

Price continues to downtrend and swing lower. Price action has formed a bearish channel and the moving averages are bearish and steady, all signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance resistance levels at 0.8910 and 0.8935. A bearish move may find support around the bearish channel support area.

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, price is reversing of the horizontal support at 103.95.

USDJPY is indecisive and is lacking trend direction, just like other USD pairs. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 103.70, 103.75, 103.95, 104.55 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

Price reversed around the moving averages, as suggested in yesterday’s chart analysis.

GOLD continues to be indecisive and lack trend momentum. The moving averages confirm this – they have been crossing frequently.

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

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