TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 19, 2021
Previous analysis… https://analysis.tfxi.sc/2021/05/18/triumphfx-intraday-forex-analysis-1-hour-charts-may-18-2021/
AUDUSD
As suggested in our last chart analysis, the AUDUSD reversed around 0.7815.
Price continues to be indecisive and lack trend direction. The AUDUSD is also indecisive on higher time-frames, providing no clear indication of future market direction. The moving averages confirm indecision – they have been crossing frequently.
Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7685, 0.7735, 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.
Australian employment change and unemployment rate figures will be released at 0130 UTC.
EURGBP
The EURGBP continues to be indecisive, as suggested in yesterday’s chart analysis.
Price is indecisive and is lacking trend direction. The moving averages are tight and moving sideways, confirming the market indecision. The EURGBP is also indecisive on higher time-frames.
Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8565, 0.8585, 0.8630, 0.8665, 0.8695 and 0.8710.
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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
As suggested in yesterday’s analysis, price closed above 1.2170 and has since been bullish.
The EURUSD above the recent consolidation area, suggesting a potential uptrend. The moving averages confirm this – they are bullish and steady.
Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2170 and 1.2125.
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.
There is no major scheduled news today that will directly impact this currency pair.
GBPUSD
Price has been bullish, as suggested in our last analysis,
The GBPUSD 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.
Long opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.4165, 1.4105, 1.4015 and 1.3965.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD
As suggested in our last chart analysis, USDCAD has been bearish.
Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend may continue. USDCAD is also down-trending on higher time-frames.
Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2130, 1.2190 and 1.2270. A bearish move may be rejected or reverse around the horizontal support levels at 1.2065 and 1.2025.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
USDCHF closed below 0.8985 and has since been bearish, as suggested in yesterday’s chart analysis.
Price is below the recent consolidation area, suggesting a potential downtrend. Price action has formed a tight bearish channel and the moving averages are bearish and steady, confirming the potential downside.
Shorting opportunities may exist around the bearish channel resistance area, around the moving averages and around the horizontal levels at 0.8985, 0.9000, 0.9035 and 0.9090.
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.
There is no major scheduled news today that will directly impact this currency pair.
USDJPY
As suggested in our last chart analysis, price has found resistance around the shorter-term moving average.
USDJPY continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently.
Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 108.45, 108.85, 109.45 and 109.70.
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.
There is no major scheduled news today that will directly impact this currency pair.
XAUUSD
Price has been bullish, as suggested in our last chart analysis.
GOLD is up-trending and is currently attempting a climb higher. The moving averages are bullish and steady, suggesting that the uptrend could continue. Price is also up-trending on higher time-frames.
Buying opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1842 and 1811.
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