TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 10, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/22/triumphfx-intraday-forex-analysis-1-hour-charts-july-22-2021/

AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bearish.

Price action has formed a short series of lower swing highs and lower swing lows but is overall looking indecisive. The moving averages are bearish and widening though, signalling that the downside could continue.

Trading opportunities may exist around the bearish moving averages and around any of the horizontal levels at 0.7300, 0.7330, 0.7360, 0.7380, 0.7415 and 0.7425.

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. COVID continues to put weight on economic recovery and GDP.

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 originally expected.

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

EURGBP

EURGBP 1 Hour Chart

EURGBP has been bearish.

Price is clearly down-trending within a large bearish channel. The moving averages are bearish and steady, signalling that the trend may continue. EURGBP is currently moving within a tight range though (0.8465-0.8480). Price is down-trending on higher time-frames, adding confidence that the downside direction may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8480, 0.8500, 0.8555 and 0.8575. A bearish move may stall or reverse around the range support area at 0.8465.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. 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

Price has been down-trending.

EURUSD has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the trend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.1760, 1.1775, 1.1830 and 1.1855.

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 originally expected.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. 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.

GBPUSD is looking indecisive. The moving averages have been crossing frequently – confirming the market indecision. Price action has formed a bearish channel and recent price action has been bearish. The moving averages are currently bearish and widening, suggesting that the downside may continue. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Opportunities to go short could exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3870, 1.3945 and 1.3980. A bearish move may be rejected or reverse around the channel support area and around the horizontal support levels at 1.3775 and 1.3730.

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 originally expected.

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

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been bullish.

Price is looking indecisive overall though. The moving averages confirm the market indecision – they have been crossing frequently. The USDCAD could be ranging between 1.2430-1.2600.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.2430, 1.2480, 1.2535 and 1.2600.

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 originally expected.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve.

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

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been bullish.

Price action is forming a swing higher, suggesting the start of a potential uptrend. The moving averages confirm this – they are bullish and widening.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.9165, 0.9130 and 0.9075. A bullish move may be rejected or reverse around the horizontal resistance levels at 0.9215 and 0.9225.

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 Swiss economy is recovering from COVID and seems stable.

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 originall expected.

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

USDJPY

USDJPY 1 Hour Chart

Price has been bullish, just like other USD pairs.

The USDJPY is up-trending – price action has formed a series of higher swing highs and lows. The moving averages are bullish and steady, signalling that the trend could continue.

Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 110.35, 110.05, 109.80 and 109.40. A bullish move could stall or reverse around the recent highs and resistance at 110.55.

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 originally expected.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is expected to make a moderate recovery from the COVID crisis.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been bearish.

GOLD has formed a large bearish move. The moving averages are bearish and widening, signalling that price may start down-trending.

Selling opportunities could exist around the bearish moving averages, around the 50.0% and 61.8% Fib levels and around the previous horizontal support at 1794.

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