TriumphFX Intraday Forex Analysis – 1 Hour Charts – April 14, 2021


Previous analysis… https://analysis.dehuifx.com/2021/04/13/triumphfx-intraday-forex-analysis-1-hour-charts-april-13-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD has been indecisive and ranging. Price has recently closed above the consolidation area though, suggesting a potential uptrend. The moving averages continue to cross and move sideways, signalling market indecision.

Buying opportunities may exist around the moving averages and around the horizontal levels at 0.7670, 0.7660, 0.7635 and 0.7590.

The Reserve Bank of Australia (RBA) continue to keep the official interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Chair of the Federal Reserve will speak at 1700 UTC today. Australian employment change and unemployment rate figures will be released at 0230 UTC.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been reversing around 0.8640 and 0.8695.

The EURGBP continues to be indecisive. The moving averages are tightening and moving sideways, confirming the market indecision. Price action has formed a horizontal channel at 0.8640-0.8695 and the EURGBP is moving within the channel.

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 0.8625 and 0.8555.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

EURUSD

EURUSD 1 Hour Chart

The EURUSD closed above the horizontal channel resistance area and has since been bullish, as suggested in yesterday’s chart analysis.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the upside direction could continue.

Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 1.1920, 1.1870, 1.1860 and 1.1805.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The Chair of the Federal Reserve will speak at 1700 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has been bullish.

Price has swung above the range resistance area, suggesting a potential uptrend. The moving averages confirm this – they have crossed bullish. The GBPUSD is also up-trending on higher time-frames.

Opportunities to go long could exist around the bullish moving averages and around the horizontal levels at 1.3770, 1.3725 and 1.3675. A bullish move may be rejected or reverse around 1.3815, 1.3845 and 1.3915.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Chair of the Federal Reserve will speak at 1700 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, price reversed around the range resistance area.

USDCAD continues to be indecisive and range between 1.2510 and 1.2640. The moving averages confirm the market indecision – they have been crossing frequently. Price action is forming a tightening triangular pattern.

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

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

The Chair of the Federal Reserve will speak at 1700 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price reversed around the longer-term moving average and has since been bearish, as suggested in yesterday’s chart analysis.

USDCHF is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downtrend may continue. Price action has formed a bearish channel.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around any of the identified horizontal levels at 0.9220, 0.9255, 0.9275 and 0.9300. A bearish move may find support around the bearish channel 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 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Chair of the Federal Reserve will speak at 1700 UTC today.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been bearish.

Price has swung lower and is down-trending again. Price action has formed a bearish channel and the moving averages are bearish and steady, signalling that the downtrend could continue. USDJPY is also down-trending on higher time-frames.

Shorting opportunities may exist around the channel resistance area, around the bearish moving averages and around the horizontal levels at 109.05, 109.30, 109.70, 109.90 and 110.10. A bearish move could stall or reverse around the channel support area and around the recent lows at 108.45.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

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.

The Chair of the Federal Reserve will speak at 1700 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD reversed around the horizontal level at 1722.

Price has become indecisive again. The moving averages confirm the current indecision – they are tight and moving sideways. GOLD may start ranging between 1722 and 1757.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1722 and 1757.

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