TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 13, 2021


AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD what showing signs of a potential downtrend but is now looking indecisive. The moving averages confirm the current indecision – they are tightening and moving sideways. If price closes above 0.7815, the AUDUSD may attempt a bullish move higher.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7565, 0.7625, 0.7655, 0.7670, 0.7735, 0.7790 and 0.7815.

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

As suggested in yesterday’s chart analysis, price has been bearish and has moved lower.

The EURGBP is down-trending. Price recently broke the bearish channel support area and the moving averages are bearish and steady, all signalling that the downside direction could continue. The EURGBP is indecisive on higher time-frames.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the support and resistance areas of the previous bearish channel and around the horizontal levels at 0.8930, 0.8965, 0.9080 and 0.9090.

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

The EURUSD has been finding resistance around the longer-term moving average and the 38.2% Fib level, as suggested in yesterday’s chart analysis.

Price recently formed a large bearish move and is currently in a retrace phase. The moving averages are bearish and steady and price has swung below a number of key support levels, all signalling that the EURUSD may attempt another bearish move.

Shorting opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.2250, 1.2310 and 1.2340. A bearish move may be rejected or reverse around the shorter-term moving average and around the recent swing low at 1.2135.

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, the GBPUSD is finding resistance around 1.3695.

Price has been bullish and has broken a number of resistance levels, suggesting a potential uptrend. The moving averages confirm this – they have crossed bullish. The GBPUSD is also up-trending on higher time-frames.

Opportunities to go long may exist around the dynamic support of the moving averages, around the previous bearish channel resistance area (as support) and around the horizontal levels at 1.3660, 1.3625, 1.3550, 1.3455 and 1.3435. Price could continue to find resistance around 1.3695.

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

Price has been bearish.

USDCAD is looking indecisive again. The moving averages are tightening and moving sideways, confirming the market indecision. Price is down-trending on higher time-frames, confirming the potential downtrend.

Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around the horizontal levels at 1.2635, 1.2665, 1.2735, 1.2835, 1.2870 and 1.2925.

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

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 0.8915.

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

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8760, 0.8815, 0.8825, 0.8870 and 0.8915.

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

USDJPY has reversed around the 50.0% Fib level, as suggested in yesterday’s chart analysis.

Price recently forming a large bullish move and is currently in a retrace phase. The moving averages are tightening, signalling that USDJPY may struggle to swing higher. Price is also down-trending on higher time-frames.

Long opportunities could exist around the 50.0% and 61.8% Fib levels and around 103.40. A bullish move may stall or reverse around the moving averages and around the recent highs at 104.35.

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

XAUSD 1 Hour Chart

GOLD has formed a large bearish move and is currently in a retrace phase. The moving averages are bearish and steady and price has closed below a number of key support levels, all suggesting a potential downtrend.

Selling opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1872, 1903 and 1926. A bearish move could be rejected or reverse around the shorter-term moving average, around the diagonal support area and around the recent lows at 1328.

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