TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 29, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been finding resistance around the recent highs at 0.7170.

The AUDUSD continues to be bullish and uptrend. The moving averages are bullish and widening and price action has formed a bullish channel, all suggesting that the upside momentum could continue.

Opportunities to go long may exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal support levels at 0.7120 and 0.7065. A bullish move could stall or reverse around the bullish channel resistance area.

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.

A US pending home sales figures will be released at 1400 UTC today. This is followed by FOMC at 1800 and 1830 UTC.

EURGBP

EURGBP 1 Hour Chart

Price continues to be indecisive, as suggested in yesterday’s chart analysis.

The EURGBP is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9000, 0.9055, 0.9080 and 0.9135.

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, the EURUSD reversed around the shorter-term moving average.

Price is clearly up-trending. The EURUSD is currently in a retrace phase. 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 1.1700, 1.1620 and 1.1540. A bullish move could be rejected or reverse around the recent highs at 1.1775.

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.

A US pending home sales figures will be released at 1400 UTC today. This is followed by FOMC at 1800 and 1830 UTC.

GBPUSD

GBPUSD 1 Hour Chart

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

Price is clearly up-trending – the GBPUSD has been forming higher swing highs and higher swing lows. The moving averages are bullish and widening, signalling that the upside direction may continue. Price is around key higher time-frame resistance though, suggesting that GBPUSD may become bearish.

Buying opportunities could exist around the bullish moving averages, around any of the key Fib levels and around any of the identified horizontal levels at 1.2895, 1.2850 and 1.2765. A bullish move may find resistance around 1.2950.

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.

A US pending home sales figures will be released at 1400 UTC today. This is followed by FOMC at 1800 and 1830 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been moving sideways.

USDCAD was down-trending but is currently looking indecisive. The moving averages are bearish and widening, suggesting that price could move lower. USDCAD is around key higher time-frame support though, signalling a potential bullish move.

Trading opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 1.3340, 1.3405, 1.3435, 1.3475, 1.3495 and 1.3500. If price closes below 1.3340, USDCAD could attempt a bearish move lower.

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.

A US pending home sales figures will be released at 1400 UTC today. This is followed by FOMC at 1800 and 1830 UTC.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has swung lower.

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

Opportunities to go short could exist around the bearish moving averages, around the horizontal resistance at 0.9225 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.

A US pending home sales figures will be released at 1400 UTC today. This is followed by FOMC at 1800 and 1830 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY has swung lower, as suggested in yesterday’s chart analysis.

Price is down-trending. The moving averages are bearish and steady, suggesting that the downtrend could continue. USDJPY is also down-trending on higher time-frames.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 105.15 and 105.60.

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.

A US pending home sales figures will be released at 1400 UTC today. This is followed by FOMC at 1800 and 1830 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD reversed around the 38.2% Fib level.

Price is clearly up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue.

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 support at 1913.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/