TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 13, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/12/triumphfx-intraday-forex-analysis-1-hour-charts-july-12-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around 0.7450.

AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.7410, 0.7450, 0.7525, 0.7590 and 0.7610.

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 has been finding support around the consolidation support area, as suggested in yesterday’s chart analysis.

EURGBP continues to be indecisive and move within the large consolidation at 0.8535-0.8615. The moving averages have been crossing frequently – confirming the market indecision. Price is also indecisive on higher time-frames.

Trading opportunities could exist around the support and resistance areas of the range and if EURGBP moves 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

As suggested in yesterday’s chart analysis, EURUSD has reversed around the previous bearish channel resistance area.

Price was down-trending but is now looking indecisive. EURUSD could start ranging between 1.1835 and 1.1880. The moving averages are bullish and steady, signalling potential upside.

Trading opportunities may exist around the previous bearish channel resistance area (as support), around the moving averages and around any of the horizontal levels at 1.1785, 1.1825, 1.1835, 1.1880, 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

GBPUSD reversed around 1.3830, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend momentum. The moving averages are bullish and widening though and GBPUSD is up-trending on higher time-frames, signalling potential upside.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.3740, 1.3760,

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 chart analysis, price has been finding support around 1.2440.

The USDCAD was up-trending but is now looking indecisive. The moving averages have crossed bearish and are tight – confirming the current indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2260, 1.2275, 1.2310, 1.2365, 1.2440, 1.2510 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

Price has been moving sideways.

The USDCHF was showing signs of a potential downtrend but is now looking indecisive and moving sideways. Price action has formed a horizontal channel at 0.9130-0.9165 and price is moving within the channel. The moving averages are bearish and steady, signalling that the USDCHF may break lower.

Trading opportunities could 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 upside may find resistance around the longer-term moving average and around 0.9000.

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 finding resistance around 110.40.

Price is down-trending and is currently in a retrace phase. The moving averages are tightening and the USDJPY is above the moving averages, suggesting that price could struggle to swing lower.

Opportunities to go short may exist around any of the horizontal levels at 110.40, 110.75 and 111.05. A bearish move could be rejected or reverse around the moving averages and around the most 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

GOLD reversed around the range support area, as suggested in our last chart analysis.

Price is indecisive and is lacking trend momentum. The moving averages are tight and moving sideways – confirming the indecision. GOLD has formed a horizontal channel at 1792-1817 and price is moving within the channel.

Trading opportunities could exist around the support and resistance areas of the channel and if GOLD moves out of the channel (break-out trade). A break to the downside may find support around 1773.

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