TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 27, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price reversed around the 50.0% Fib level.

AUDUSD is up-trending and is currently in a retrace move. The moving averages have crossed bearish and price is around a key higher time-frame resistance, suggesting that price may struggle to swing higher.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7065 and 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

Price continued to find resistance around 0.9120, as suggested in Friday’s chart analysis.

EURGBP is bullish and is currently attempting a move higher. Price could start up-trending again. The moving averages confirm the potential upside – they are bullish and steady. EURGBP is around a key higher time-frame resistance, signalling that price could attempt a bearish move.

Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 0.9135, 0.9120 and 0.9080.

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 Friday’s chart analysis, EURUSD has been bullish and has swung higher.

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

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1620 and 1.1540.

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

GBPUSD has been bullish and has swung higher, as suggested in Friday’s chart analysis.

Price is clearly up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend could continue. GBPUSD is around a key resistance area of higher time-frames, suggesting that price could attempt a bearish move.

Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 1.2765, 1.2655 and 1.2635. A bullish move could be rejected or reverse around the recent highs at 1.2845.

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 Friday’s chart analysis, price reversed around the 38.2% Fib level and the longer-term moving average.

The USDCAD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is around a key higher time-frame support area though, suggesting that the USDCAD may attempt a bullish move.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3435, 1.3475, 1.3495 and 1.3500. A bearish move may be rejected or reverse around the recent swing low at 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

Price has been bearish, as suggested in Friday’s chart analysis.

The USDCHF has been very bearish. The moving averages are bearish and steady, signalling that the downside direction may continue. Price is looking very over-extended though, suggesting 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 USDCHF may continue to find support around the current lows at 0.9170.

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 Friday’s chart analysis, the USDJPY has continued to be bearish and move lower.

Price has formed a strong bearish move and is down-trending. The moving averages are bearish and widening and the USDJPY is down-trending on higher time-frames, all suggesting that the current trend could continue.

Opportunities to go short may exist around any of the key Fib levels and around the dynamic resistance of 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

GOLD has continued to be bullish, as suggested in Friday’s chart analysis.

Price is clearly up-trending. GOLD is looking over-extended though, signalling that a retrace move may be due. The moving averages are bullish and steady, suggesting that price may continue to uptrend.

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

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