TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 12, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/09/triumphfx-intraday-forex-analysis-1-hour-charts-july-09-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bullish.

Price is down-trending but is starting to look a little choppy and indecisive. The moving averages confirm the potential indecision – they are starting to tighten and move sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7410, 0.7450, 0.7490, 0.7525 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 our last chart analysis, the EURGBP has found support around 0.8535.

Price continues to be indecisive and move within a large range consolidation at 0.8535-0.8615. 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 range and if the EURGBP closes out of the range (break-out trade).

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

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

The EURUSD was down-trending within a bearish channel but recent price action has been bullish and has swung above the channel, suggesting that the trend is over. Price is now looking indecisive. The moving averages are bullish, signalling potential upside.

Trading opportunities could exist around the moving averages, around the resistance of the previous bearish channel and around any of the horizontal levels at 1.1785, 1.1815, 1.1825, 1.1860, 1.1890 and 1.1920.

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

Price has been bullish.

The GBPUSD was down-trending within a large bearish channel. Price has been bullish though and has broken above the channel resistance area. The GBPUSD is now looking indecisive. 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 1.3740, 1.3760, 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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in Friday’s chart analysis, USDCAD reversed around 1.2430.

Price is up-trending and is currently in a retrace move. The moving averages are starting to tighten, suggesting that USDCAD may struggle to swing higher.

Buying opportunities could exist around the horizontal levels at 1.2440 and 1.2365. A bullish move may be rejected or reverse around the moving averages and around the horizontal levels at 1.2485 and 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

USDCHF reversed around the 23.6% Fib level, as suggested in Friday’s chart analysis.

Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.9165 and 0.9200. A bearish move could find support around the recent lows at 0.9135.

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 is finding resistance around the longer-term moving average, as suggested in Friday’s chart analysis.

USDJPY is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downside direction may continue.

Shorting opportunities could exist around the longer-term moving average and around the horizontal levels at 110.40, 110.75 and 111.05. A bearish move may find support around the shorter-term moving average and around the recent swing low at 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

As suggested in Friday’s analysis, GOLD has been moving sideways.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tightening and are 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).

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