TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 02, 2021


Previous analysis… https://analysis.dehuifx.com/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average.

The AUDUSD continues to be choppy but also bearish. The moving averages are bearish and steady, suggesting that the downside could continue. Price is up-trending on higher time-frames, signalling that the AUDUSD could become bullish.

Selling opportunities may exist around the moving averages and around the horizontal levels at 0.7660, 0.7700 and 0.7755. A bearish move could be rejected or reverse around the recent swing low at 0.7595.

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

Price continues to be bearish, as suggested in yesterday’s chart analysis.

The EURGBP is down-trending. Price action has formed a bearish channel. The moving averages are starting to tighten and move sideways, suggesting potential market indecision – the EURGBP may start moving sideways.

Shorting opportunities could exist around the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 0.8870, 0.8900, 0.8915 and 0.8920. A bearish move may stall or reverse around 0.8805 and around the bearish channel support area.

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, the EURUSD has reversed around 1.2055.

Price continues to be choppy but also bearish. The moving averages are bearish and steady, signalling that the downside could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2095, 1.2150 and 1.2165. A bearish move could be rejected or reverse around the diagonal support area and around the horizontal support and lows at 1.2055.

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

The GBPUSD has been finding support around the diagonal support area, as suggested in yesterday’s chart analysis.

Price was up-trending but has become indecisive. The moving averages confirm the market indecision – they are tight and have been crossing frequently.

Trading opportunities could exist around the daily diagonal support and resistance areas, around the moving averages and around the horizontal levels at 1.3525, 1.3610, 1.3630, 1.3660 and 1.3750.

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 yesterday’s chart analysis, price has been bullish and has found resistance around the 1.2870 area.

USDCAD is up-trending. The moving averages are tightening and beginning to move sideways though, suggesting market indecision. Price could start ranging between 1.2755 and 1.2870.

Trading opportunities may exist around the moving averages, around the diagonal support and resistance areas and around the horizontal levels at 1.2690, 1.2755 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

Price closed above the consolidation area and has since been bullish, as suggested in yesterday’s chart analysis.

USDCHF is above the recent consolidation area and the moving averages are bullish and widening, all signalling that price may start up-trending.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels, around the previous horizontal resistance levels at 0.8925 and 0.8920 and around the diagonal support area.

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, USDJPY has been bullish and has moved higher.

Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 104.35 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

GOLD has reversed around the range resistance area, as suggested in yesterday’s chart analysis.

Price is indecisive and lacking trend direction. The moving averages have been crossing frequently and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the downside may find support around 1810.

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