TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 14, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price reversed around the shorter-term moving average and has since swung higher.

AUDUSD continues to uptrend and be bullish. Price recently swung above a bullish channel resistance area and the moving averages are bullish and widening, all signalling that the uptrend may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the previous bullish channel support and resistance areas and around the horizontal levels at 0.7525, 0.7485, 0.7425, 0.7405 and 0.7.855. AUDUSD may be rejected or reverse around 0.7565.

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 moved above the range resistance area and then swung higher, as suggested in Friday’s chart analysis.

EURGBP has been up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue. Price is below both moving averages though, suggesting that EURGBP could struggle to swing higher.

Long opportunities may exist around the trend support area and around the horizontal support level at 0.8990. A bullish move could stall or reverse around the moving averages and around the recent swing high at 0.9210.

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, EURUSD reversed around the horizontal channel resistance area.

Price continues to be indecisive and lack trend direction. EURUSD is consolidating within a horizontal channel at 1.2060-1.2175. The moving averages are tight and moving sideways – confirming the market indecision.

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). A break to the downside may find support around 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.

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

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bullish.

Price action has formed a short series of lower swing highs and lower swing lows, suggesting a potential downtrend. Price action has also formed a potential bearish channel. The moving averages are starting to move sideways, signalling market indecision.

Opportunities to go short may exist around the bearish channel resistance area and around the horizontal resistance levels at 1.3460 and 1.3515. A bearish move could find support around the moving averages, around the bearish channel support area and around the recent swing low at 1.3165.

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, price reversed around the bearish channel resistance area and around the moving averages.

The USDCAD is down-trending and is moving within a bearish channel. The moving averages are bearish and widening, suggesting that the downtrend may continue.

Shorting opportunities could exist around the bearish channel resistance area, around the moving averages and around the horizontal resistance levels at 1.2775 and 1.2830. A bearish move may find support around the recent lows at 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

Price found resistance around 0.8910, as suggested in Friday’s chart analysis.

The USDCHF has been down-trending but is now looking indecisive. The moving averages are tight and moving sideways, confirming the market indecision. Price is ranging between the recent lows at 0.8850 and the horizontal resistance at 0.8910.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (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

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

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 103.70, 103.75, 104.10, 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

GOLD was rejected at 1825, as suggested in Friday’s chart analysis.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are currently moving sideways, confirming the indecision. GOLD has formed a tight horizontal channel at 1825-1847 and price is moving within the channel.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the downside could find support around 1816 and 1767. A break to the upside could find resistance around 1876.

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