TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 21, 2021


Previous analysis… https://analysis.dehuifx.com/2021/01/19/triumphfx-intraday-forex-analysis-1-hour-charts-january-19-2021/

AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bullish.

Price is in a retrace move. AUDUSD is moving within a bearish channel but is looking indecisive. The moving averages confirm the indecision – they have been crossing frequently. Price is up-trending on higher time-frames, suggesting a potential bullish move higher.

Trading opportunities may exist around the support and resistance areas of the bearish channel, around the moving averages and around the horizontal levels at 0.7655, 0.7665, 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.

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

EURGBP

EURGBP 1 Hour Chart

EURGBP has been bearish.

Price has swung below the recent range support area, signalling that EURGBP may start down-trending again. The moving averages confirm the potential downside – they are bearish and steady.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8870, 0.8920 and 0.8935. Price may stall or reverse around the recent lows at 0.8845.

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 ECB will release a monetary policy statement at 1245 UTC today. This is followed by a press conference at 1330 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the previous trend resistance area.

EURUSD was down-trending but is now looking indecisive. The moving averages are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2055, 1.2080, 1.2155, 1.2170, 1.2215 and 1.2245.

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 ECB will release a monetary policy statement at 1245 UTC today. This is followed by a press conference at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around 1.3705, as suggested in our last chart analysis.

GBPUSD has been indecisive and has been moving within a large consolidation. Price has just closed above the consolidation resistance area, signalling that GBPUSD may start up-trending. The moving averages confirm the potential upside – they have crossed bullish.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.3705, 1.3625 and 1.3525.

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

As suggested in our last chart analysis, the USDCAD found support around 1.2635.

Price has since been broken the support area, signalling a potential downtrend. The moving averages have crossed bearish and are widening, confirming the potential trend.

Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the trend resistance 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

The USDCHF has been moving sideways.

Price continues to be indecisive and lack trend direction. Price action has formed a horizontal channel at 0.8855-0.8925 and the USDCHF is moving within the channel. The moving averages have been crossing frequently, confirming the market indecision.

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

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 moved below the range support area and has since been bearish.

The USDJPY has swung below the recent consolidation, suggesting that price could start down-trending. The moving averages are crossing bearish, confirming the potential trend. Price is also down-trending on higher time-frame.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 103.50, 103.65 and 104.10.

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.

GOLD has swung higher and is forming a higher swing high, signalling a potential uptrend. The moving averages have crossed bullish and are widening, confirming the potential upside direction.

Buying opportunities could exist around the dynamic support of the moving averages, around the previous horizontal resistance area and around any of the key Fib levels. A bullish move may be rejected or reverse around the horizontal levels at 1907 and 1926.

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