TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 15, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/14/triumphfx-intraday-forex-analysis-1-hour-charts-july-14-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around 0.7430 and has been moving sideways.

AUDUSD continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is ranging between 0.7430-0.7500.

Trading opportunities may exist around the support and resistance areas of the range and if AUDUSD moves out of the range (break-out trade). A break to the downside could find support around the recent lows at 0.7410. A break to the upside could find resistance around 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.

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

Price has formed a swing lower, as suggested in yesterday’s chart analysis.

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

Opportunities to go short could exist around the horizontal level at 0.8565. A bearish move may be rejected or reverse around the moving averages and around the horizontal support levels at 0.8535 and 0.8510.

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 been reversing around the horizontal levels at 1.1825 and 1.1835.

Price is indecisive and is lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1775, 1.1820, 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 has been moving sideways, as suggested in yesterday’s chart analysis.

Price is indecisive. Price action has formed a horizontal channel at 1.3805-1.3905 and GBPUSD is moving within the channel. GBPUSD is also moving within a bullish channel. The moving averages have been crossing frequently and moving sideways – confirming the current indecision. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if GBPUSD moves out of the channel (break-out trade). A break to the upside may find resistance around the bullish channel resistance area and around 1.3935. A break to the downside may find support around the bullish channel support and around 1.3760 and 1.3740.

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

As suggested in our last chart analysis, price reversed around 1.2440.

The USDCAD has formed a short series of higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages confirm this – they have crossed bullish.

Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.2530, 1.2440 and 1.2365. A bullish move could stall or reverse around the recent highs at 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

Price reversed around 0.9200, as suggested in our last analysis.

The USDCHF continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9130, 0.9165, 0.9200 and 0.9260.

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

The USDJPY has been bearish.

Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 109.55, 110.40, 110.60 and 110.75.

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, GOLD moved above the horizontal channel resistance area and has since been bullish.

Price is above the recent consolidation area and the moving averages are bullish and widening, all signalling that the uptrend may now continue.

Long opportunities could exist around the dynamic support of the moving averages and around the support and resistance areas of the previous horizontal channel.

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