TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 09, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/08/triumphfx-intraday-forex-analysis-1-hour-charts-july-08-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price was rejected at 0.7450 and has swung lower.

AUDUSD is still showing signs of potentially down-trending – price is below the recent consolidation area and has formed lower swing highs and low. The moving averages are bearish and widening – confirming the potential trend.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7450, 0.7475 and 0.7530.

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

Price found resistance around 0.8610, as suggested in yesterday’s chart analysis.

EURGBP is looking indecisive again. Price is moving within a large consolidation area at 0.8535-0.8615. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8535, 0.8580 and 0.8615.

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.

The Governor of the BOE will speak at 1000 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, EURUSD reversed around the bearish channel resistance area.

Price is down-trending within a bearish channel. The moving averages are tightening and moving sideways, suggesting potential indecision.

Shorting opportunities may exist around the bearish channel resistance area and around the horizontal levels at 1.1860, 1.1890 and 1.1920. A bearish move could be rejected or reverse around the moving averages, around the recent lows at 1.1785 and around the bearish 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

GBPUSD has been finding resistance around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price is down-trending within a large bearish channel. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3830, 1.3895 and 1.3935. A bearish move may stall or reverse around 1.3740 and around the channel support area.

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.

The Governor of the BOE will speak at 1000 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, price has been bullish and has swung higher.

The USDCAD is clearly up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 1.2485, 1.2445, 1.2430 and 1.2365. A bullish move could find resistance around 1.2580.

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.

Canadian employment change and unemployment figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has been bearish but has found support around 0.9145, as suggested in our last analysis.

The USDCHF is below the recent consolidation area and has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm this – they have crossed bearish.

Selling opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal level at 0.9200. A bearish move may find support around 0.9140.

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

As suggested in our last analysis, the USDJPY has been bearish.

Price is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend could continue. The USDJPY is also down-trending on higher time-frames.

Shorting opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 110.40, 110.75 and 111.05. A bearish move could find support around 109.55.

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

GOLD has been moving sideways.

Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are tight and moving sideways. GOLD is ranging between 1794-1817.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).

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