TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 14, 2021


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has reversed around 0.7735.

Price was up-trending but is currently indecisive and lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. If AUDUSD closes above the recent highs at 0.7815, price could start up-trending again.

Trading opportunities may exist around any of the identified horizontal levels at 0.7565, 0.7625, 0.7655, 0.7670, 0.7730, 0.7775, 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.

The Chair of the Federal Reserve will speak at 1730 UTC today.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been bearish and has swung lower, as suggested in yesterday’s chart analysis.

Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. EURGBP is currently finding support around 0.8890.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the support and resistance areas of the previous bearish channel and around any of the horizontal levels at 0.8930, 0.8965, 0.9080 and 0.9090. Price may be rejected or reverse around 0.8890.

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 been bearish.

EURUSD has formed a short series of lower swing highs and lower swing lows, suggesting a potential downtrend. Price is looking a little indecisive though – EURUSD could start ranging between the horizontal levels at 1.2135 and 1.2215. The moving averages confirm the potential indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Shorting opportunities may exist around the moving averages and around the horizontal levels at 1.2245 and 1.2310.

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.

The Chair of the Federal Reserve will speak at 1730 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

GBPUSD is indecisive and lacking trend direction. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision. Price is ranging between 1.3435 and 1.3695.

Trading opportunities could exist around the support and resistance areas of the range and if GBPUSD closes out of the range (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 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 Chair of the Federal Reserve will speak at 1730 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD reversed around the previous trend support area and the shorter-term moving average.

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

Trading opportunities may exist around the moving averages, around the diagonal level and around the horizontal levels at 1.2635, 1.2665, 1.2835 and 1.2870.

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.

The Chair of the Federal Reserve will speak at 1730 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been moving sideways.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently, confirming the current indecision. The USDCHF is down-trending on higher time-frames, suggesting that price may attempt a bearish move.

Trading opportunities could exist around any of the identified horizontal levels at 0.8815, 0.8825, 0.8855 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.

The Chair of the Federal Reserve will speak at 1730 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish.

Just like other USD pairs, the USDJPY has become indecisive. The moving averages have become tight and are moving sideways – confirming the market indecision. Price could start ranging between 103.55 and 104.35.

Trading opportunities may exist around the moving averages and around the support and resistance areas of the range. A break to the downside could stall or reverse around 103.40 and 102.60.

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.

The Chair of the Federal Reserve will speak at 1730 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bearish and has been rejected at 1828, as suggested in yesterday’s chart analysis.

GOLD is down-trending but is forming a potential horizontal channel at 1828-1863. The moving averages are still bearish and steady, signalling that the downtrend may continue.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price closes out of the channel (break-out trade). Selling opportunities could exist around the previous diagonal support area, around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 1872 and 1903.

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