TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 16, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/13/triumphfx-intraday-forex-analysis-1-hour-charts-august-13-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, AUDUSD reversed around the horizontal level at 0.7390.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. AUDUSD is currently ranging between 0.7325-0.7380.

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 0.7315. A break to the upside could find resistance around 0.7400, 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 reversed around the shorter-term moving average, as suggested in our last chart analysis.

Price has been bullish. EURGBP is above the recent consolidation area, suggesting that the upside direction may continue. The moving averages confirm this – they are bullish and widening.

Buying opportunities could 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 may be rejected or reverse around 0.8555.

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 bullish.

EURUSD has formed a short series of higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages are bullish and steady, confirming the trend.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 1.1775, 1.1765, 1.1750, 1.1730 and 1.1710. A bullish move could find resistance around 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

As suggested in Friday’s chart analysis, price has reversed around 1.3880 and the bearish channel resistance area.

GBPUSD continues to downtrend within a bearish channel. Price is starting to move sideways and look indecisive. The moving averages confirm this – they have gone from being bearish to tight and moving sideways. GBPUSD may start ranging between 1.3795 and 1.3880.

Selling opportunities could exist around the bearish channel resistance area and around the horizontal levels at 1.3880 and 1.3945. A bearish move may stall or reverse around the moving averages, around the bearish channel support area and around the horizontal support levels at 1.3795 and 1.3775.

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 continues to look indecisive and lack trend momentum. 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.

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

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been bearish.

Price is retracing some of the recent large bullish move. The moving averages have crossed bearish, suggesting that the USDCHF may struggle to swing higher.

Opportunities to go long could exist around the 50.0% and 61.8% Fib levels and around the horizontal levels at 0.9130 and 0.9075. A bullish move may stall or reverse around the dynamic resistance of the moving averages and around the horizontal levels at 0.9210 and 0.9240.

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 bearish.

The USDJPY is forming a large bearish move. Overall, price is looking indecisive and lacking trend direction. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 108.75, 109.20, 109.40, 109.80, 110.10 and 110.30.

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 Friday’s chart analysis, price has been bullish and has moved higher.

GOLD is up-trending – price action has formed a short series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the upside direction may continue.

Buying opportunities could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1757, 1747 and 1722. A bullish move may be rejected or reverse around the horizontal levels at 1794, 1807 and 1831.

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