TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 18, 2021


AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bearish.

Price has swung below the recent consolidation area, signalling the start of a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7730, 0.7795 and 0.7815. A bearish move could be rejected or reverse around any of the horizontal levels at 0.7670, 0.7655, 0.7625 and 0.7565.

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

EURGBP has formed a bullish move.

Price has been down-trending. EURGBP is currently in a retrace move. Price has swung above the moving averages and the moving averages are tightening, all suggesting that EURGBP may struggle to swing lower.

Shorting opportunities could exist around any of the horizontal levels at 0.8920, 0.8930, 0.8965 and 0.8995. A bearish move may stall or reverse around the moving averages and around the recent swing low at 0.8870.

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 Friday’s chart analysis, price has been bearish and has swung lower.

EURUSD is down-trending within a large bearish channel. The moving averages are bearish and widening, signalling that the downtrend could continue. Price is up-trending on higher time-frames, suggesting that EURUSD could become bullish.

Opportunities to go short may exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.2115, 1.2165 and 1.2215.

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 bearish.

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

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.3435, 1.3455, 1.3545, 1.3625 and 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

The USDCAD has been bullish.

Price continues to lack trend direction. The USDCAD is ranging between 1.2630 and 1.2835. 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 1.2630, 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.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been bullish.

Price has closed above the recent consolidation area, suggesting that the USDCHF may start up-trending. The moving averages confirm the potential upside – they have crossed bullish. Price is down-trending on higher time-frames, signalling a potential bearish move.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.8915 and 0.8855.

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 Friday’s chart analysis, price has been moving sideways.

The USDJPY continues to be indecisive. The moving averages are tight, confirming the market indecision.

Trading opportunities may 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.

There is no major scheduled news today that will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bearish.

GOLD has swung below the recent horizontal channel, signalling a potential downtrend. The moving averages confirm this – they are bearish and steady.

Selling opportunities could exist around the moving averages, around the trend resistance area and around the horizontal levels at 1863, 1872 and 1903. A bearish move may find support around 1828 and 1811.

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