TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 20, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/19/triumphfx-intraday-forex-analysis-1-hour-charts-july-19-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish and has swung lower.

AUDUSD is down-trending and is currently forming a swing lower. The moving averages are bearish and widening, signalling that the downtrend could continue. Price is also down-trending on higher time-frames.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7410, 0.7440 and 0.7485.

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 bullish.

EURGBP has swung above the recent consolidation area, suggesting the start of a potential uptrend. The moving averages confirm this – they are bullish and widening.

Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 0.8615 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.

There is no major scheduled news today that will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s analysis, EURUSD reversed around 1.1820.

Price continues to be choppy but also downtrend. The moving averages confirm this – they have been bearish but are now moving sideways. EURUSD is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 1.1770, 1.1820, 1.1850, 1.1880 and 1.1890. If EURUSD closes below 1.1770, price could 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

GBPUSD has been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending and is currently forming a swing lower. The moving averages are bearish and widening, signalling that the trend may continue. GBPUSD is up-trending on higher time-frames, suggesting a potential bullish move.

Shorting opportunities could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.3740, 1.3760 and 1.3805.

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.

There is no major scheduled news today that will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

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

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

Long opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 1.2610, 1.2580 and 1.2530.

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.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

Price has been moving sideways and found support around 0.9165, as suggested in our last chart analysis.

The USDCHF continues to be indecisive and lack trend direction. 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 any of the horizontal levels at 0.9120, 0.9135, 0.9165, 0.9200, 0.9210 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.

There is no major scheduled news today that will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been bearish.

Price has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm this – they are bearish and steady. Price action has formed a bearish channel.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 109.55, 109.75, 110.30, 110.60 and 110.75. A bearish move could stall or reverse around the recent lows at 109.20 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 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 our last chart analysis, GOLD has been reversing around 1797 and 1817.

Price was showing signs a of a potential uptrend but is now looking indecisive. The moving averages confirm the market indecision – they are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1792, 1800, 1817 and 1832.

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