TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 14, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/13/triumphfx-intraday-forex-analysis-1-hour-charts-july-13-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, the AUDUSD has been moving sideways.

Price is indecisive and is lacking trend direction. The moving averages confirm the indecision – they are tight and moving sideways. The AUDUSD is also looking indecisive on higher time-frames.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7410, 0.7430, 0.7500 and 0.7525.

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.

A US PPI figure will be released at 1230 UTC today. The Chair of the Federal Reserve will testify at 1600 UTC. Australian employment change and unemployment rate figures will be released at 0130 UTC.

EURGBP

EURGBP 1 Hour Chart

The EURGBP closes below the consolidation support area and has since been bearish, as suggested in our last chart analysis.

Price has swung below the recent consolidation area, signalling a potential downtrend. The moving averages confirm this – they are bearish and widening.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8535 and 0.8565.

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 has been bearish.

The EURUSD has formed a large bearish move but is still looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1775, 1.1825, 1.1835 and 1.1880. If price closes below 1.1774, the EURUSD may attempt a bearish move lower.

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 our last chart analysis, price has been moving sideways.

The GBPUSD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price action has formed a slight bullish channel, suggesting potential upside. The GBPUSD is up-trending on higher time-frames.

Trading opportunities may exist around the moving averages, around the support and resistance areas of the bullish channel and around the horizontal levels at 1.3740, 1.3760, 1.3805, 1.3905 and 1.3935.

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.

A US PPI figure will be released at 1230 UTC today. The Chair of the Federal Reserve will testify at 1600 UTC.

USDCAD

USDCAD 1 Hour Chart

USDCAD has been moving sideways, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend direction. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2310, 1.2365, 1.2440, 1.2530 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.

A US PPI figure will be released at 1230 UTC today. The BOC will release a rate statement and monetary policy report at 1400 UTC. This is followed by a press conference at 1430 UTC. The Chair of the Federal Reserve will testify at 1600 UTC.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCHF closed above the range resistance area and found resistance around 0.9200.

Price has closed above the recent consolidation area but is still looking indecisive. The moving averages confirm the market indecision – they are tight. USDCHF is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9135, 0.9145, 0.9165 and 0.9200.

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.

A US PPI figure will be released at 1230 UTC today. The Chair of the Federal Reserve will testify at 1600 UTC.

USDJPY

USDJPY 1 Hour Chart

Price has been bullish.

USDJPY was showing signs of a potential downtrend but is now looking indecisive, just like other USD pairs. The moving averages are moving sideways – confirming the current indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 109.55, 110.40, 110.75 and 111.05.

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.

A US PPI figure will be released at 1230 UTC today. The Chair of the Federal Reserve will testify at 1600 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the horizontal channel resistance area.

GOLD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and moving sideways. Price action has formed a clear horizontal channel at 1792-1817 and GOLD is ranging within the channel.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around 1774.

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