TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 12, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/11/triumphfx-intraday-forex-analysis-1-hour-charts-august-11-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, AUDUSD reversed around 0.7330 and 0.7380.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways. AUDUSD is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.7315, 0.7325, 0.7350, 0.7360, 0.7390, 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.

A US PPI figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

EURGBP reversed around the longer-term moving average and the bearish channel resistance area, as suggested in our last chart analysis.

Price is down-trending within a large bearish channel but is currently moving sideways. Price action has formed a horizontal channel at 0.8455-0.8480 and EURGBP is moving within the channel. The moving averages are bearish and steady, signalling that the downside direction may continue.

Selling opportunities could exist around the moving averages, around the bearish channel resistance and around 0.8480, 0.8500 and 0.8530. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade).

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 yesterday’s chart analysis, price has been finding resistance around the longer-term moving average.

EURUSD is down-trending and is currently in a retrace move. The moving averages are bearish but tightening, signalling market indecision – price could struggle to swing lower.

Shorting opportunities may exist around the longer-term moving average and around the horizontal levels at 1.1760, 1.1780 and 1.1830. A bearish move could be rejected or reverse around the shorter-term moving average and around the recent lows at 1.1710.

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.

A US PPI figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has reversed off the bearish channel support area, as suggested in yesterday’s analysis.

GBPUSD is down-trending within a bearish channel. Price is currently in a retrace move. The moving averages are tightening and moving sideways, suggesting indecision – GBPUSD may struggle to swing lower. Price is up-trending on higher timeframes, signalling that a potential bullish move higher.

Opportunities to go short could exist around the bearish channel resistance area and around the horizontal levels at 1.3870, 1.3945 and 1.3980. A bearish move may find support and even reverse around the moving averages, around the channel support area and around the horizontal levels at 1.3805, 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.

A US PPI figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been bearish.

Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. The USDCAD is ranging between 1.2480 and 1.2585.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around 1.2455 and 1.2430. A break to the upside could find resistance around 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.

A US PPI figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been bearish.

Price action has formed a large bullish move and the moving averages are bullish and steady, all signalling a potential uptrend. The USDCAD is currently in a retrace move.

Buying opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 0.9180, 0.9165, 0.9130 and 0.9075. A bullish move may stall or reverse around the recent swing high at 0.9235.

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.

A US PPI figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price is finding support around the longer-term moving average.

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

Long opportunities may exist around the longer-term moving average and around the horizontal levels at 110.30, 110.05, 109.80 and 109.40. A bullish move could be rejected or reverse around the shorter-term moving average, around the previous trend support area (as resistance) and around the horizontal resistance levels at 110.55 and 110.80.

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.

A US PPI figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish.

GOLD was showing signs of a potential downtrend but has recently swung above the moving averages and the moving averages are tightening and moving sideways, suggesting market indecision. Price may start ranging between 1722 and 1753.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1680, 1722, 1753 and 1794.

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