TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 17, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD closed above the range resistance area and has since been bullish.

Price is clearly up-trending. Price action has formed a bullish channel and the moving averages are bullish and widening, signalling that the uptrend could continue. The AUDUSD is starting to look a little over-extended though, suggesting that a retrace move could be due.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7575, 0.7510 and 0.7485. A bullish move could be rejected or reverse 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 resistance around 0.9045 and around the trend resistance area, as suggested in yesterday’s chart analysis.

Price is down-trending. The moving averages are bearish and widening, suggesting that the downtrend may continue. The EURGBP is nearing key support levels.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.9045, 0.9140 and 0.9210. A bearish move may stall or reverse around the horizontal support levels at 0.8990 and 0.8935.

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 BOE will announce the official rate and a monetary policy summary at 1200 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price closed above the horizontal channel resistance area and has since been bullish.

The EURUSD is above the recent consolidation area and the moving averages are bullish and widening, all suggesting that price could start up-trending. Price action has formed a bullish channel and price is currently finding resistance around the channel resistance area. The EURUSD is up-trending on higher time-frames.

Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2175, 1.2125, 1.2105 and 1.2060. Price could continue to find resistance around the channel resistance area and even start retracing off the 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 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 has been bullish and has swung higher, as suggested in yesterday’s chart analysis.

The GBPUSD is up-trending. Price has swung above the recent consolidation area, signalling that the upside direction may continue. The moving averages confirm this – they are bullish and widening.

Opportunities to go long could exist around the bullish moving averages, around the trend support area and around any of the identified horizontal levels at 1.3545, 1.3460, 1.3430 and 1.3300.

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 BOE will announce the official rate and a monetary policy summary at 1200 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCAD has reversed around the bearish channel resistance area.

Price continues to downtrend. The moving averages are bearish and widening, signalling that the downtrend could continue. USDCAD is currently finding support around the recent lows at 1.2695. Price is moving within a bearish channel.

Shorting opportunities may exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 1.2760, 1.2790 and 1.2830. A bearish move could find support and even reverse at 1.2695 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 and has swung lower, as suggested in yesterday’s chart analysis.

Price is down-trending and has formed a bearish channel. The moving averages are bearish and steady, suggesting that the downtrend may continue. USDCHF is also down-trending on higher time-frames.

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 0.8880, 0.8885, 0.8910 and 0.8935. A bearish move may be rejected or reverse 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 has reversed around the trend resistance area and the moving averages.

USDJPY is down-trending. Price is currently forming a swing lower. The moving averages are bearish and widening and price is down-trending on higher time-frames, all signalling that the downside momentum could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 103.30, 103.65 and 104.15.

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 been bullish, as suggested in yesterday’s chart analysis.

GOLD is above the recent consolidation area and the moving averages are bullish and widening, signalling the start of a potential uptrend. Price is up-trending on higher time-frames also.

Buying opportunities could exist around the bullish moving averages and around the horizontal levels at 1873, 1848, 1824 and 1816.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/