TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 16, 2021


Previous analysis… https://analysis.dehuifx.com/2021/09/15/triumphfx-intraday-forex-analysis-1-hour-charts-september-15-2021/

AUDUSD

AUDUSD 1 Hour Chart

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

AUDUSD continues to downtrend within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.7340, 0.7375 and 0.7405. A bearish move may be rejected or reverse around the channel support area and around the horizontal levels at 0.7305, 0.7290 and 0.7280.

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. COVID continues to put weight on economic recovery and GDP.

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 originally expected.

US retail sales figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around 0.8560, as suggested in our last chart analysis.

EURGBP was down-trending but is now looking indecisive. The moving averages confirm the current indecision – they are tight and moving sideways. Price could start ranging between 0.8510 and 0.8555.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8510, 0.8555, 0.8560 and 0.8575.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. 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.

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, EURUSD has been moving sideways.

Price was down-trending but is currently moving sideways and looking indecisive. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around any of the identified horizontal levels at 1.1745, 1.1775, 1.1785, 1.1800, 1.1825, 1.1840, 1.1850 and 1.1880.

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 originally expected.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. The ECB have hinted at providing more economic stimulus, if needed.

US retail sales figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been moving sideways, as suggested in yesterday’s analysis.

Price is indecisive and is lacking trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price action is forming a potential head and shoulder pattern, signalling a potential bearish move.

Trading opportunities may exist around any of the horizontal levels at 1.3680, 1.3735, 1.3795, 1.3855, 1.3890 and 1.3900.

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 originally expected.

US retail sales figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price has reversed around 1.2610.

The USDCAD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight and have been crossing frequently. Price action has formed a potential bullish channel, suggesting that the USDCAD may attempt a bullish move.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bullish channel and around any of the horizontal levels at 1.2525, 1.2555, 1.2580, 1.2590, 1.2610, 1.2700 and 1.2725.

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 originally expected.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve.

US retail sales figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price reversed around the trend support area, as suggested in our last analysis.

The USDCHF continues to uptrend but also be choppy. The moving averages continue to signal market indecision – they are crossing frequently.

Opportunities to go long may exist around the moving averages, around the trend support area and around any of the horizontal levels at 0.9185, 0.9165, 0.9150 and 0.9135. A bullish move could stall or reverse around the horizontal resistance at 0.9235.

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 Swiss economy is recovering from COVID and seems stable.

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 originall expected.

US retail sales figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

Price is clearly down-trending. The USDJPY is currently finding support and could be forming a new swing low. The moving averages are bearish and widening, signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 109.60, 109.70 and 110.15.

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 originally expected.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is expected to make a moderate recovery from the COVID crisis.

US retail sales figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD is currently finding support around 1784, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. GOLD is ranging between 1784 and 1806.

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

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