TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 11, 2021
AUDUSD
AUDUSD has been bearish.
Price has formed a short series of lower swing highs and lower swing lows, all signalling a potential downtrend. The moving averages have crossed bearish, suggesting that the downtrend could continue. AUDUSD is clearly up-trending on higher time-frames.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 0.7735, 0.7790 and 0.7815. A bearish move could be rejected or reverse around any of the horizontal levels at 0.7655, 0.7635, 0.7625, 0.7565, 0.7520 and 0.7485.
The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP
EURGBP has been bearish.
Price has formed a tight bearish channel but overall continues to be indecisive. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision. EURGBP is also indecisive on higher time-frames.
Trading opportunities could exist around the support and resistance areas of the bearish channel, around the moving averages and around the horizontal levels at 0.8935, 0.8965, 0.9080, 0.9090 and 0.9145.
The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.
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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
Price has been bearish.
EURUSD continues to be indecisive and lack clear trend direction. The moving averages confirm the indecision – they have been crossing frequently. Price action has formed a swing lower though and the moving averages are currently bearish, suggesting that EURUSD could move lower.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around 1.2210 and 1.2310. A bearish move could find support around the recent lows at 1.2135.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD
Price has been bearish.
GBPUSD is down-trending – price action has formed a series of lower swing highs and lower swing lows. Price action has also formed a bearish channel and the moving averages are bearish and steady, all signalling that the downside direction may continue.
Opportunities to go short could exist around the bearish channel resistance area, around the bearish moving averages and around the horizontal levels at 1.3550, 1.3625, 1.3660 and 1.3695. A bearish move may stall or reverse around the channel support area and around the horizontal support levels at 1.3435, 1.3325 and 1.3220.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD
The USDCAD has been bullish.
Price was down-trending but has recently forming a higher swing high, signalling that the downtrend could be over. The moving averages suggest that the USDCAD could continue to be bullish – they are bullish.
Buying opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.2735 and 1.2635. A bullish move could find resistance around 1.2835, 1.2870 and 1.2925.
The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
The USDCHF has been bullish.
Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently. If the USDCHF closes above the resistance at 0.8915, price may attempt a bullish move higher.
Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8760, 0.8815, 0.8825, 0.8870 and 0.8915.
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 at least 2021.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY
Price has been bullish.
The USDJPY is forming new highs, signalling a potential uptrend. The moving averages are bullish and widening, confirming the potential upside. Price is down-trending on higher time-frames.
Long opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 103.65 and 103.40.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
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
Price has been bearish.
GOLD has formed a swing lower and has broken key support levels, signalling a potential downtrend. The moving averages confirm this – they are bearish and widening.
Selling opportunities may exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 1860, 1872 and 1903 and 1926. GOLD could find support around 1828.
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