TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 13, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/12/triumphfx-intraday-forex-analysis-1-hour-charts-august-12-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has found support around 0.7325.

The AUDUSD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. Price is also indecisive on higher time-frames – providing no indication of future price direction.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7315, 0.7325, 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.

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

EURGBP

EURGBP 1 Hour Chart

Price closed above the horizontal channel resistance area and has since been bullish, as suggested in yesterday’s chart analysis.

The EURGBP has swung above the recent consolidation and above the bearish channel resistance area, signalling a potential uptrend. The moving averages confirm this – they have crossed bullish.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 0.8500, 0.8480 and 0.8455. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.8530, 0.8555 and 0.8575.

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

The EURUSD has been moving sideways.

Price was down-trending but is now looking indecisive. The moving averages confirm the current indecision – they are tight and moving sideways. The EURUSD has recently formed a large bearish move, signalling the start of a potential downtrend.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1710, 1.1730, 1.1750, 1.1765, 1.1775 and 1.1830.

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

As suggested in our last analysis, the GBPUSD reversed around 1.3870 and has been bearish.

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

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 1.3810, 1.3880 and 1.3945. A bearish move could stall or become bullish off the bearish 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.

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

USDCAD

USDCAD 1 Hour Chart

Price reversed around the range support area, as suggested in our last chart analysis.

USDCAD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price is ranging between the horizontal levels at 1.2480 and 1.2585.

Trading opportunities could exist around the support and resistance areas of the range and if USDCAD moves out of the range (break-out trade). A break to the upside may find resistance around 1.2600. A break to the downside may find support around 1.2455 and 1.2430.

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

As suggested in our last analysis, price has found resistance around 0.9235.

USDCHF has formed a large bullish move, signalling a potential uptrend. Price is currently indecisive though and has formed a horizontal channel at 0.9210-0.9240. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the channel and if USDCHF moves out of the channel (break-out trade). A break to the downside could find support around any of the key Fib levels and around the horizontal levels at 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.

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

USDJPY

USDJPY 1 Hour Chart

USDJPY found support around 110.30, as suggested in yesterday’s chart analysis.

Price has since been bearish. USDJPY has formed a large bullish move, signalling a longer-term uptrend but is currently bearish and attempting a move lower.

Trading opportunities could exist around the moving averages and around the horizontal levels at 109.20, 109.40, 109.80, 110.05, 110.30, 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.

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

XAUUSD

XAUUSD 1 Hour Chart

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

Price is indecisive. Recent price action has been bullish though and the moving averages have crossed bullish, signalling a move higher.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1680, 1722, 1753, 1794 and 1831.

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