TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 15, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has found support around the previous bullish channel resistance area and around the longer-term moving average.

Price is up-trending and is currently in a retrace phase. The moving averages are bullish but are starting to tighten, suggesting that the AUDUSD could struggle to swing higher. Price is up-trending on higher time-frames.

Buying opportunities may exist around the longer-term moving average, around the support and resistance areas of the previous bullish channel and around the horizontal levels at 0.7485, 0.7425, 0.7405 and 0.7385. A bullish move could find resistance around the shorter-term moving average and around the recent swing high at 0.7575.

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

Price has been up-trending and is currently in a retrace phase. The moving averages are tightening and are moving sideways, signalling market indecision – the uptrend may becoming to an end. The EURGBP may start ranging.

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 find resistance around the shorter-term moving average and around the recent highs 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 yesterday’s chart analysis, price has reversed off the horizontal channel resistance area.

The EURUSD continues to be indecisive and move within a horizontal channel at 1.2060-1.2175. The moving averages are tight and crossing frequently, confirming the indecision.

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

Price reversed around the bearish channel resistance area, as suggested in yesterday’s chart analysis.

The GBPUSD is looking indecisive but is also slightly down-trending within a bearish channel. The moving averages confirm the current indecision – they are tightening and are moving sideways.

Selling opportunities could exist around the bearish channel resistance area and around the horizontal resistance levels at 1.3430, 1.3460 and 1.3515. A bearish move may stall or reverse around the moving averages, around the horizontal support levels at 1.3250 and 1.3165, and around the bearish channel support area.

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, USDCAD has found support around 1.2715.

Price has been down-trending but is now looking indecisive. The moving averages are tightening and moving sideways, confirming the market indecision. USDCAD has moved above the recent bearish channel and is now forming a horizontal channel at 1.2715-1.2790.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade). A break to the upside could find resistance around 1.2830. Trading opportunities may also exist around the previous bearish channel resistance area, as support.

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 found support around 0.8850, as suggested in yesterday’s chart analysis.

Price is indecisive and is ranging between 0.8850-0.8910. The moving averages are tight and moving sideways, confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if USDCHF moves out of the range (break-out trade). A break to the upside may 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 yesterday’s chart analysis, price has been finding resistance around the longer-term moving average and around the horizontal resistance at 104.10.

USDJPY continues to be indecisive and lack trend direction. Price action has formed a bearish channel though and price is down-trending on higher time-frames, signalling that USDJPY could become bearish. The moving averages continue to signal market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the bearish channel, around the moving averages and around any of the identified horizontal levels at 103.55, 103.75, 104.15, 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 has reversed around the horizontal channel support area, as suggested in yesterday’s chart analysis.

GOLD continues to be indecisive. The moving averages are tightening and moving sideways, confirming the current indecision. Price is currently moving within a horizontal channel at 1824-1847.

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

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