TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 06, 2021


Previous analysis… https://analysis.dehuifx.com/2021/05/05/triumphfx-intraday-forex-analysis-1-hour-charts-may-05-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has been finding support around 0.7700.

Price has become indecisive again and is lacking trend direction. The moving averages are tightening and have been crossing frequently – confirming the market indecision. AUDUSD is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7685, 0.7700, 0.7765 and 0.7815.

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.

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

EURGBP

EURGBP 1 Hour Chart

EURGBP found support around the bearish channel support area, as suggested in yesterday’s chart analysis.

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that the downside momentum could continue. EURGBP is moving within a bearish channel.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8675, 0.8680 and 0.8710. A bearish move could find support around the channel support area and around the horizontal levels at 0.8625, 0.8615 and 0.8595.

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.

The BOE will release a monetary policy report and summary at 1100 UTC today.

EURUSD

EURUSD 1 Hour Chart

Price has been bullish.

EURUSD is down-trending and is currently in a bullish retrace move. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Shorting opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal resistance levels at 1.2075 and 1.2110. A bearish move may find support around the horizontal support levels at 1.2005 and 1.1995.

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.

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

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price found resistance around 1.3925.

GBPUSD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.3800, 1.3835, 1.3850, 1.3925, 1.3965 and 1.4005.

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 BOE will release a monetary policy report and summary at 1100 UTC today.

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been bearish and has swung lower, as suggested in our last chart analysis.

Price continues to downtrend and move lower. The moving averages are tight and moving sideways though, signalling indecision – the downtrend may becoming to an end.

Opportunities to go short could exist around the moving averages and around the horizontal levels at 1.2270, 1.2335, 1.2390, 1.2415 and 1.2470.

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.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s analysis, the USDCHF reversed around the diagonal resistance area.

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

Trading opportunities may exist around the diagonal support and resistance areas and around the horizontal levels at 0.9080, 0.9100, 0.9160, 0.9175, 0.9185 and 0.9215.

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.

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

USDJPY

USDJPY 1 Hour Chart

Price has been finding resistance around 109.40, as suggested in our last chart analysis.

The USDJPY continues to be indecisive and lack trend direction. The moving averages are tightening, confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 108.20, 108.45, 108.75, 108.90, 109.40 and 109.65.

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.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish.

GOLD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. If price closes above the consolidation resistance area at 1796, GOLD could attempt a bullish move higher.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1748, 1757, 1765, 1774 and 1796.

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