TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 24, 2020


AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bearish, as suggested in yesterday’s chart analysis.

Price continues to uptrend and is currently in a retrace phase. The bearish retrace move has been significant and the bullish moving averages are becoming bearish, suggesting that the AUDUSD could struggle to swing higher.

Buying opportunities may exist around the 50.0% and 61.8% Fib levels, around the trend support area and around the previous swing high at 0.7025. A bullish move could be rejected or reverse around the moving averages and around the recent highs at 0.7170.

The Reserve Bank of Australia (RBA) cut rates again in their April 2020 meeting. Rates were cut by a further 0.25%, bringing the official bank rate to 0.25% (a record low). Rates have since stayed the same. The current low rate is needed to help reduce the unemployment rate and stimulate the economy due to COVID-19 recession fears. The RBA will continue to monitor the labour market and inflation. Rates will not be raised until targets are met.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

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

EURGBP

EURGBP 1 Hour Chart

The EURGBP continues to be move sideways.

Price is still indecisive and lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9000, 0.9080, 0.9120 and 0.9135. If the EURGBP closes above the highs at 0.9135, price may attempt a bullish move higher.

The European Central Bank (ECB) continue to keep rates at the record low of 0.00%. Rates have not been cut into negative territory, despite the COVID-19 outbreak. Instead, the ECB has launched an asset buying program. Due to weak trade growth and economic forecasts, rates are likely to stay low for the foreseeable future. The COVID-19 pandemic is just another economic challenge for the Euro zone.

The Bank of England (BOE) has followed other central banks and has cut rates to combat economic challenges caused by the COVID-19 pandemic. The UK interest rate is now set at 0.10% (a historic low). The UK has now left the EU, meaning that Brexit uncertainty should weigh less heavily on the Pound.

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, price has been bullish and has moved higher.

The EURUSD continues to uptrend and be bullish. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1540, 1.1460 and 1.1415. Price could continue to find resistance around 1.1620.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

The European Central Bank (ECB) continue to keep rates at the record low of 0.00%. Rates have not been cut into negative territory, despite the COVID-19 outbreak. Instead, the ECB has launched an asset buying program. Due to weak trade growth and economic forecasts, rates are likely to stay low for the foreseeable future. The COVID-19 pandemic is just another economic challenge for the Euro zone.

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

GBPUSD

GBPUSD 1 Hour Chart

Price has been finding resistance around 1.2760, as suggested in yesterday’s chart analysis.

The GBPUSD has been clearly up-trending but is currently moving sideways and looking indecisive. Price is ranging between the recent highs at 1.2765 and the horizontal level at 1.2655. The moving averages are bullish and steady, suggesting that the GBPUSD may attempt a bullish move higher.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support and even reverse around the horizontal level at 1.2635.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

The Bank of England (BOE) has followed other central banks and has cut rates to combat economic challenges caused by the COVID-19 pandemic. The UK interest rate is now set at 0.10% (a historic low). The UK has now left the EU, meaning that Brexit uncertainty should weigh less heavily on the Pound.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCAD was bearish and moved lower.

Price is now in a retrace move. The moving averages are bearish and steady, signalling that the downside direction could continue. USDCAD is at a key higher time-frame support though, suggesting that price could attempt a bullish move.

Selling opportunities may exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 1.3425, 1.3475, 1.3495 and 1.3500. A bearish move could find support around 1.3355.

The Bank of Canada (BOC) followed the US by slashing it’s benchmark interest rate. The intent of the rate cut is to help boost the economy during the COVID-19 pandemic. The current rate is now 0.25%. The economy is currently performing well and inflation targets are currently at their potential. If coronavirus fears deescalate, the BOC could increase rates again in the near future.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

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

USDCHF 

USDCHF 1 Hour Chart

USDCHF has continued to be bearish and move lower, as suggested in yesterday’s chart analysis.

Price is down-trending. The moving averages are bearish and steady, suggesting that the downtrend may continue. USDCHF is looking over-extended, signalling that a bullish retrace move may be due.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around any of the key Fib levels.

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 has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

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

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, price moved below the horizontal channel support area and has since been bearish.

USDJPY is below the recent consolidation area and the moving averages are becoming bearish, all signalling that price could start down-trending. USDJPY is looking a little over-extended to the downside, suggesting that a bullish retrace move could be due.

Opportunities to go short may exist around the previous horizontal channel support at 106.70 and around the moving averages.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well and showing signs of expansion. COVID-19 recession fears could stunt economic growth though.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has continued to be bullish and move higher, as suggested in yesterday’s chart analysis.

GOLD is up-trending and is moving higher. The moving averages are bullish and widening, suggesting that the uptrend may continue. Price is looking over-extended, signalling that a bearish retrace move may be due.

Buying opportunities could exist around any of the key Fib levels and around the dynamic support of the moving averages.

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