TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 05, 2021


Previous analysis… https://analysis.dehuifx.com/2021/02/04/triumphfx-intraday-forex-analysis-1-hour-charts-february-04-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the previous diagonal resistance area.

AUDUSD was down-trending but is now looking indecisive. The moving averages are tightening and moving sideways, confirming the market indecision. Price is up-trending on higher time-frames, suggesting that AUDUSD could move higher.

Trading opportunities may exist around the moving averages, around the previous trend resistance area (as support) and around the horizontal levels at 0.7570, 0.7640, 0.7660, 0.7700 and 0.7755.

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 non-farm employment change and unemployment rate figures will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the trend resistance area and has been bearish, as suggested in yesterday’s chart analysis.

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

Selling opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the trend resistance area and around the previous support level at 0.8795.

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 Governor of the BOE will speak at 1215 UTC today.

EURUSD

EURUSD 1 Hour Chart

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

Price is down-trending and could be entering a retrace phase. The moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the diagonal resistance areas and around the horizontal levels at 1.2010, 1.2055 and 1.2095.

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 non-farm employment change and unemployment rate figures will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bullish.

Price was down-trending but is now looking indecisive. The moving averages have been crossing frequently, confirming the market indecision.

Trading opportunities could exist around the moving averages, around the previous diagonal resistance area and around the horizontal levels at 1.3565, 1.3610, 1.3700 and 1.3755.

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 Governor of the BOE will speak at 1215 UTC today. US non-farm employment change and unemployment rate figures will be released at 1330 UTC.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the diagonal resistance area.

The USDCAD is currently bearish but continues to be indecisive. Price action has formed a horizontal channel at 1.2755-1.2870 and price is moving within the channel. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCAD moves out of the channel (break-out trade). Trading opportunities may also exist around the diagonal 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.

US non-farm employment change and unemployment rate figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF 

USDCHF 1 Hour Chart

Price has been bullish and has swung higher, as suggested in yesterday’s chart analysis.

The USDCHF is clearly up-trending. Price is entering a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the trend support area. A bullish move may find resistance around the recent swing high at 0.9045.

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 non-farm employment change and unemployment rate figures will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

Price is clearly up-trending within a bullish channel. The USDJPY is currently retracing after forming a higher swing high. 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 the bullish channel support area and around any of the horizontal levels at 105.15, 104.85, 104.65 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 non-farm employment change and unemployment rate figures will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending. GOLD has swung below a number of key support levels and the moving averages are bearish and widening, suggesting that the downside direction may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 1810, 1833 and 1842.

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