TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 26, 2021


Previous analysis… https://analysis.dehuifx.com/2021/10/08/triumphfx-intraday-forex-analysis-1-hour-charts-october-08-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bullish.

Price was clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows – but has recently been moving sideways. The AUDUSD is currently looking a bit indecisive. The moving averages confirm the market indecision – they are tight and moving sideways.

Buying opportunities may exist around the trend support area, around the moving averages and around any of the horizontal levels at 0.7505, 0.7455, 0.7430, 0.7385 and 0.7325. A bullish move could be rejected or reverse around the recent swing high at 0.7540.

The Reserve Bank of Australia (RBA) continues to keep the official interest rate at the record low of 0.10%. The rate is could stay the same until 2024. The RBA are expecting an economic bounce back during 2022.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

Australian CPI figures will be released at 0030 UTC.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been moving sideways.

Price is indecisive and is lacking trend momentum. The moving averages are tight and moving sideways – confirming the current indecision. Price action has formed a horizontal channel at 0.8420-0.8465 and the EURGBP is moving within the channel. Price is also indecisive on higher time-frames.

Trading opportunities could exist around the support and resistance areas of the channel and if the EURGBP moves out of the channel (break-out trade). A break to the upside may find resistance around 0.8475, 0.8485, 0.8500, 0.8505 and 0.8525.

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. Inflation targets and economic growth forecasts have been lifted for this year.

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, although inflation fears have been mentioned by many.

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

EURUSD

EURUSD 1 Hour Chart

Price has been bearish.

The EURUSD was recently ranging and moving within a horizontal channel at 1.1620-1.1665. Price has broken below the consolidation area, suggesting a potential downtrend. The moving averages confirm this – they are bearish and steady. The EURUSD is down-trending on higher time-frames, adding confidence of a downside move.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the previous consolidation support and resistance areas. A bearish move could stall or reverse around the horizontal levels at 1.1580, 1.1575, 1.1540, 1.1535 and 1.1525.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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. Inflation targets and economic growth forecasts have been lifted for this year.

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

GBPUSD

GBPUSD 1 Hour Chart

Price is moving sideways.

The GBPUSD is currently indecisive, after forming an uptrend. The moving averages are moving sideways – confirming the indecision. Price is ranging between 1.3740 and 1.3830.

Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the downside may find support around 1.3720, 1.3665 and 1.3575.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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, although inflation fears have been mentioned by many.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bullish.

Price was down-trending but USDCAD has recently been bullish. Price action has formed a short series of higher swing highs and higher swing lows, suggesting a potential uptrend. The moving averages confirm this – they have crossed bullish.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal support levels at 1.2320 and 1.2295. A bullish move could find resistance around 1.2400, 1.2440, 1.2495 and 1.2560.

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.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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

USDCHF

USDCHF 1 Hour Chart

USDCHF is currently bullish.

Price is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. USDCHF is currently in a retrace move and testing the trend resistance area. The moving averages are tightening and beginning to move sideways, suggesting market indecision – price may struggle to swing lower.

Shorting opportunities could exist around the trend resistance area and around the horizontal levels at 0.9250 and 0.9265. A bearish move may be rejected or reverse around the moving averages and around the recent lows at 0.9150.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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.

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

USDJPY

USDJPY 1 Hour Chart

Price is currently bullish.

USDJPY has formed a short series of lower swing lows and lower swing highs, suggesting a potential downtrend. The moving averages confirm the potential downside – they are bearish and steady. Price is up-trending on higher time-frames, signalling a potential bullish move.

Opportunities to go short may exist around the longer-term moving average and around the horizontal levels at 114.15, 114.45 and 114.60. A bearish move could find support around the shorter-term moving average and around the horizontal support levels at 113.40 and 113.25.

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 but some analysts are stating that the Japanese economy is stagnant and may experience economic challenges in the coming months.

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 and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish.

GOLD is up-trending and is currently attempting a bullish move. The moving averages are bullish and steady, signalling that the uptrend may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around any of the identified horizontal levels at 1800, 1790, 1785, 1780, 1778 and 1768. A bullish move may find resistance around the recent highs at 1810.

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