TriumphFX Intraday Forex Analysis – 1 Hour Charts – September 11, 2020
AUDUSD
As suggested in yesterday’s chart analysis, price has reversed around the previous bearish channel resistance area.
The AUDUSD was down-trending but is now looking indecisive. The moving averages are tight and moving sideways, confirming the market indecision.
Trading opportunities may exist around the previous bearish channel resistance area, around the moving averages and around the horizontal levels at 0.7145, 0.7200, 0.7315 and 0.7410.
The Reserve Bank of Australia (RBA) have kept rates at 0.25% (a record low). Policymakers are now focused on economic recovery created by the COVID-19 crisis. The board believe they recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP
Price has been bullish and has swing higher, as suggested in yesterday’s chart analysis.
The EURGBP is clearly up-trending – price action is forming higher swing highs and higher swing lows – but is currently finding resistance. The moving averages are bullish and steady, suggesting that the upside momentum may continue. Price is around key resistance on higher time-frames though, suggesting that the EURGBP may become bearish.
Opportunities to go long could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.9125 and 0.9070. The EURGBP may continue to find resistance around 0.9245.
The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.
The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
The EURUSD continues to be indecisive.
Price is moving sideways. The moving averages confirm the current indecision – they have been crossing frequently and are currently tight. The EURUSD is indecisive on higher time-frames also, providing no clear indication of future price direction.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1755 and 1.1900.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD
As suggested in yesterday’s chart analysis, the GBPUSD has reversed around the bearish channel support area.
Price is clearly down-trending and moving within a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum 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 1.2895, 1.3025, 1.3055 and 1.3180. A bearish move may be rejected or reverse around the bearish channel support area.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD
Price has reversed around 1.3135, as suggested in yesterday’s chart analysis.
USDCAD is indecisive but also forming higher swing highs and lows. The moving averages are tightening and moving sideways – confirming the market indecision.
Trading opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 1.3045, 1.3135 and 1.3255.
The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Policymakers have announced that there are signs of some recovery after the economic crisis caused by COVID-19 but the BOC will continue their quantitative easing program. The BOC are expecting to see economic growth from 2021 onward.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
Price continues to be indecisive.
USDCHF is lacking trend direction. The moving averages have been crossing frequently – confirming the indecision.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.9000, 0.9060, 0.9155 and 0.9195.
The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy continues to be stagnant. The economy was showing signs of positive momentum but COVID-19 is causing the economic to contraction. The Swiss Franc continues to be highly valued as a safe-haven currency. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY
As suggested in yesterday’s chart analysis, USDJPY has been finding resistance around the bearish channel resistance area.
Price is choppy but moving within a bearish channel. The moving averages are signalling market indecision – they are tight and moving sideways.
Trading opportunities may exist around the support and resistance areas of the bearish channel and around any of the horizontal levels at 105.25, 105.60, 105.80, 106.25, 106.45 and 106.85.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
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.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD
GOLD is finding support around 1940, as suggested in yesterday’s chart analysis.
Price continues to be indecisive but has recently shown some signs of bullish momentum. The moving averages confirm the potential upside – they are bullish and widening. Price action has formed a bullish channel.
Long opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1940 and 1911. A bullish move may stall or reverse around the channel resistance area and around the horizontal resistance levels at 1962 and 1992.
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