TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 12, 2021


Previous analysis… https://analysis.dehuifx.com/2021/05/11/triumphfx-intraday-forex-analysis-1-hour-charts-may-11-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, AUDUSD has reversed around the 50.0% Fib level.

Price has been bearish and has formed a tight bearish channel. AUDUSD is still above the recent consolidation, suggesting that price may still uptrend. The moving averages are tightening and moving sideways though, suggesting market indecision.

Opportunities to go long could exist around the bearish channel support area and around the horizontal levels at 0.7765 and 0.7700. A bullish move may stall or reverse around the moving averages, around the channel resistance area and around the horizontal levels at 0.7815, 0.7825, 0.7855 and 0.7885.

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.

US CPI figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been bearish and has moved lower, as suggested in our last chart analysis.

Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue. EURGBP is currently finding support around 0.8585.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8610, 0.8615, 0.8625 and 0.8665. Price could continue to find support around 0.8585.

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 Governor of the BOE will speak at 0900 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, price reversed around the longer-term moving average.

EURUSD is up-trending and is currently in a retrace move. The moving averages are tightening, suggesting that price may struggle to swing higher. EURUSD is also up-trending on higher time-frames.

Long opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.2110 and 1.2075. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal levels at 1.2130 and 1.2170.

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.

US CPI figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has been bullish and has swung higher, as suggested in our last chart analysis.

GBPUSD is up-trending and is currently in a retrace move. The moving averages are bullish and widening, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around any of the key Fib levels, around the trend support area and around the dynamic support of the moving averages. GBPUSD could find resistance around the recent highs at 1.4165.

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 Governor of the BOE will speak at 0900 UTC today. US CPI figures will be released at 1230 UTC.

USDCAD

USDCAD 1 Hour Chart

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

Price is down-trending and is currently in a retrace phase. The moving averages and bearish and steady, suggesting that the downtrend may continue. The downtrend is very obvious – price action has formed a long series of lower swing highs and lower swing lows – signalling that the trend may becoming to an end – the USDCAD may become bullish.

Shorting opportunities could exist around the longer-term moving average and around the horizontal levels at 1.2185, 1.2270 and 1.2335. A bearish move may be rejected or reverse around the shorter-term moving average and around the recent lows at 1.2080.

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.

US CPI figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been bullish.

Price is down-trending and is currently in a retrace phase. The USDCHF is above the moving averages and the moving averages and tightening, suggesting that price could struggle to swing lower.

Selling opportunities may exist around the key Fib levels, around the trend resistance area and around the horizontal levels at 0.9080, 0.9100 and 0.9160. A bearish move could find support around the moving averages and around the recent swing low at 0.8985.

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.

US CPI figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price is coming off the longer-term moving average.

The USDJPY is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend may continue. Price action is forming a horizontal channel at 108.45-108.95.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDJPY closes out of the channel (break-out trade). Selling opportunities could exist around the trend resistance area and around the horizontal resistance levels at 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.

US CPI figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been rejected around the 38.2% Fib level and the longer-term moving average, as suggested in yesterday’s chart analysis.

GOLD is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Opportunities to go long may exist around the longer-term moving average, around any of the key Fib levels and around the previous horizontal resistance level at 1796. A bullish move could find resistance around the shorter-term moving average and around the recent swing high at 1842.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/