TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 21, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/20/triumphfx-intraday-forex-analysis-1-hour-charts-july-20-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, the AUDUSD has continued to be bearish and move lower.

Price is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7315, 0.7345 and 0.7410.

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

The EURGBP has been bullish and has formed a swing higher, as suggested in our last analysis.

Price is still above the recent consolidation area, signalling a potential uptrend. The moving averages are bullish and widening – confirming the trend. The EURGBP is looking indecisive on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.8615 and 0.8565. A bullish move could be rejected or reverse around the recent swing high at 0.8660.

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 chart analysis, price has been moving sideways.

The EURUSD is down-trending but also looking choppy. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1770, 1.1820 and 1.1850.

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 bearish, as suggested in yesterday’s chart analysis.

The GBPUSD has formed a large bearish move, suggesting a potential downtrend. The moving averages are bearish and steady, signalling the potential downtrend. Price is up-trending on higher time-frames though, suggesting a potential bullish move.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 1.3740 and 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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, USDCAD has reversed around the recent highs at 1.2785.

Price is clearly up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the upside direction may continue.

Long opportunities could exist around the longer-term moving average, 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. A bullish move may be rejected or reverse around the shorter-term moving average and around the recent swing high at 1.2785.

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

USDCHF has found support around 0.9210, as suggested in our last chart analysis.

Price has been indecisive but has recently formed a short series of higher swing highs and higher swing lows, signalling an uptrend. Price has also formed a bullish channel. The moving averages confirm the potential upside – they are bullish and steady.

Opportunities to go long may exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.9210, 0.9200 and 0.9165. A bullish move could find resistance around the channel resistance area and around the horizontal resistance levels at 0.9260 and 0.9275.

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 yesterday’s analysis, price has been finding resistance around the bearish channel resistance area.

USDJPY is down-trending within a bearish channel. The moving averages are starting to move sideways though, suggesting market indecision.

Selling opportunities could exist around the channel resistance area and around the horizontal levels at 110.30, 110.60 and 110.75. A bearish move may stall or reverse around the moving averages, around the bearish channel support area and around the horizontal support levels at 109.55 and 109.20.

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

Price has been moving sideways, as suggested in our last analysis.

GOLD is indecisive and is lacking trend momentum. The moving averages confirm the current indecision – they are moving sideways. Price is up-trending on higher time-frames, signalling a potential bullish move higher.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1781, 1792, 1800, 1825 and 1832.

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