TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 07, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/06/triumphfx-intraday-forex-analysis-1-hour-chart-july-06-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around 0.7480.

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

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.7450, 0.7480, 0.7590, 0.7610 and 0.7675.

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.

FOMC meeting minutes will be released at 1800 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around 0.8535, as suggested in our last analysis.

EURGBP is in a retrace move after a strong bearish move. The moving averages are bearish and steady, suggesting that price may attempt to swing lower. EURGBP is still looking a little indecisive though, price is moving within a large consolidation at 0.8535-0.8610.

Selling opportunities could exist around the longer-term moving average and around the horizontal levels at 0.8570 and 0.8610. A bearish move may stall or reverse around the shorter-term moving average and around the consolidation support at 0.8535.

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

EURUSD 1 Hour Chart

As suggested in our last chart analysis, EURUSD has been finding support around 1.1820.

Price has become indecisive again and has formed a horizontal channel at 1.1815-1.1890. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the channel and if EURUSD moves out of the channel (break-out trade). A break to the upside could find resistance around 1.1920 and 1.1975.

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.

FOMC meeting minutes will be released at 1800 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bearish.

Price is looking indecisive again. The moving averages confirm the market indecision – they are tight and moving sideways. GBPUSD is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3740, 1.3780, 1.3895, 1.3935 and 1.4000.

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.

FOMC meeting minutes will be released at 1800 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around 1.2310 and 1.2470.

The USDCAD has formed a swing higher and is currently in a retrace move. The moving averages are crossing bullish, signalling that price could attempt a bullish move higher.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.2365, 1.2310, 1.2275 and 1.2260. A bullish move could find resistance around 1.2485.

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.

FOMC meeting minutes will be released at 1800 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price reversed around 0.9195, as suggested in yesterday’s analysis.

The USDCHF continues to be indecisive and move sideways. The moving averages are tight and moving sideways, confirming the current indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9145, 0.9205 and 0.9270.

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.

FOMC meeting minutes will be released at 1800 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s analysis, the USDJPY has found support around 110.45.

Price has been up-trending and is currently in a strong retrace move. The USDJPY has swung below the bullish channel support and the moving averages have crossed bearish, all suggesting that price could struggle to swing higher.

Trading opportunities may exist around the moving averages, around the previous bullish channel support area (as resistance) and around the horizontal levels at 109.80, 110.40, 111.05 and 111.65.

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.

FOMC meeting minutes will be released at 1800 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price is above the recent consolidation area and has formed a higher swing high, signalling a potential uptrend. Price action has formed a tight bullish channel and the moving averages are bullish and steady – confirming the potential upside.

Long opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1794 and 1754. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal levels at 1811 and 1848.

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