TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 15, 2021


AUDUSD

AUDUSD 1 Hour Chart

Price continues to be indecisive.

The AUDUSD is lacking trend direction and has been moving sideways. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around any of the identified horizontal levels at 0.7625, 0.7655, 0.7670, 0.7730, 0.7800 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.

US retail sales figures will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

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

The EURGBP is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue.

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 0.8890, 0.8935 and 0.8965.

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 reversed around the moving averages, as suggested in yesterday’s chart analysis.

Price is down-trending but is looking very choppy – the EURUSD may become indecisive. The moving averages are bearish and steady, suggesting the trend may continue. Price is moving within a bearish channel but also a potential horizontal channel at 1.2115-1.2165.

Shorting opportunities could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.2165, 1.2215 and 1.2245. The EURUSD may reverse around the horizontal channel support area (1.2115).

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.

US retail sales figures will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD has reversed off the range resistance area.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. If GBPUSD closes above the resistance at 1.3695, price could attempt a bullish move higher.

Trading opportunities may exist around any of the identified horizontal levels at 1.3455, 1.3545, 1.3625 and 1.3695. Opportunities to go long may exist if price closes above 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.

US retail sales figures will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price has reversed around 1.2635, as suggested in yesterday’s chart analysis.

USDCAD continues to be indecisive, just like other USD pairs. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages, around the diagonal level and around 1.2630 and 1.2835.

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.

US retail sales figures will be released at 1330 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around 0.8855 and 0.8915.

Just like other USD pairs, USDCHF is indecisive and lacking trend direction. Price action has formed a horizontal channel at 0.8855-0.8915 and price is moving within the channel. The moving averages are tight and moving sideways, confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if USDCHF moves out of the channel (break-out trade). A break to the downside could find support around 0.8825 and 0.8815.

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.

US retail sales figures will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been moving sideways.

Price is indecisive and lacking trend direction. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 103.40, 103.55, 104.10 and 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.

US retail sales figures will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD has started ranging.

Price has become indecisive and has formed a horizontal channel at 1828-1863. The moving averages confirm the indecision – they are tight and moving sideways.

Trading opportunities may 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 could find resistance around 1872 and 1903.

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