TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 11, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/10/triumphfx-intraday-forex-analysis-1-hour-charts-august-10-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been moving sideways.

The AUDUSD is indecisive. Price is also looking indecisive on higher time-frames. The moving averages are still bearish and steady though, signalling potential downside.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.7300, 0.7315, 0.7330, 0.7350, 0.7360, 0.7380 and 0.7415.

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.

US CPI figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish and has reversed around the bearish channel resistance area, as suggested in yesterday’s chart analysis.

The EURGBP is down-trending within a large bearish channel. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Opportunities to go short may 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 and 0.8555. A bearish move could stall or reverse around the recent lows at 0.8455.

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

As suggested in our last analysis, the EURUSD has been bearish and has swung lower.

Price is down-trending – price action has been bearish and 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.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around the previous horizontal support levels at 1.1760 and 1.1780.

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

The GBPUSD reversed around 1.3870 and the shorter-term moving average, as suggested in our last analysis.

Price is down-trending within a bearish channel. The GBPUSD is currently testing the channel support area. The moving averages are bearish and steady, signalling that the downtrend could continue. Price is up-trending on higher time-frames though, suggesting a potential bullish move.

Selling opportunities may exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3870, 1.3945 and 1.3975. A bearish move could be rejected or become bullish off the channel support area and around the horizontal 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.

US CPI figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, price has been moving sideways.

USDCAD continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are tight and have been crossing frequently. If price closes above the consolidation resistance at 1.2600, USDCAD may become bullish.

Trading opportunities could exist around any of the identified horizontal levels at 1.2430, 1.2455, 1.2480, 1.2585 and 1.2600. Buying opportunities could exist if price closes above 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.

US CPI figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has been bullish and has swung higher, as suggested in yesterday’s analysis.

USDCHF is forming a large bullish move, which is also a higher swing high, signalling the start of a potential uptrend. The moving averages confirm this – they are bullish and widening.

Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the moving averages and around any of the horizontal levels at 0.9215, 0.9180, 0.9165 and 0.9130.

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.

US CPI figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

Price is up-trending and is hitting new recent highs. The moving averages are bullish and steady, suggesting that the upside trend may continue. USDJPY is breaking resistance on higher time-frames – confirming the possibility of the trend continuing.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 110.55, 110.35, 110.05 and 109.80.

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.

US CPI figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed around the 38.2% Fib level, as suggested in yesterday’s analysis.

Price has formed a large swing lower and the moving averages are bearish and steady, suggesting a potential downtrend.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 1749 and 1794. A bearish move could find support around 1722 and 1680.

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