TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 08, 2021


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

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bearish.

Price has closed below the recent consolidation area, signalling a potential downtrend. The moving averages have crossed bearish – confirming the potential downside.

Opportunities to go short could exist around the trend resistance area, around the moving averages and around the horizontal levels at 0.7450, 0.7475, 0.7530 and 0.7590.

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.

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

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP reversed around the consolidation support area at 0.8535.

Price continues to move within a consolidation and be indecisive. Recent price action has been bearish though and the moving averages are bearish and steady, suggesting a potential downtrend.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8535, 0.8580 and 0.8610.

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

Price has been bearish.

The EURUSD has swung below the recent range support area and has formed a series of lower swing highs and lower swing lows – price is down-trending. The moving averages confirm the trend – they are bearish and widening. Price action has formed a bearish channel.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.1815, 1.1890 and 1.1920. A bearish move may be rejected or reverse around the channel support area.

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

GBPUSD 1 Hour Chart

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

The GBPUSD continues to be indecisive and lack 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, around the support and resistance areas of the bearish channel and around the horizontal levels at 1.3740, 1.3830, 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.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bullish and has swung higher, as suggested in our last chart analysis.

Price has swung above the recent consolidation area and has formed higher swing highs and higher swing lows – USDCAD is up-trending. The moving averages confirm the uptrend, they are bullish and widening.

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 1.2485, 1.2430 and 1.2365.

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 1 Hour Chart

As suggested in our last chart analysis, USDCHF has been moving sideways.

Price is indecisive and is lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. USDCHF has formed a horizontal channel at 0.9200-0.9270.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the downside could find support around 0.9145.

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

USDJPY 1 Hour Chart

Price reversed around the shorter-term moving average, as suggested in our last analysis.

USDJPY has since been bearish. Price action has formed a series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm this – they are bearish and steady.

Selling opportunities could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 110.40, 110.75 and 111.05. A bearish move may find support around 109.80.

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

XAUUSD 1 Hour Chart

Price has been moving sideways.

GOLD is looking indecisive again and is ranging between 1794 and 1811. The moving averages are still bullish and steady and price is still above the recent consolidation area, suggesting a potential uptrend.

Trading opportunities may exist around the moving averages, around the support and resistance areas of the previous bullish channel and around the support and resistance areas of the range.

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