TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 17, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/16/triumphfx-intraday-forex-analysis-1-hour-charts-august-16-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price broke below the range support area and has since been bearish.

The AUDUSD is below the recent consolidation area, suggesting a potential downtrend. The moving averages confirm this – they are currently bearish.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7315, 0.7325 and 0.7380.

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 retail sales figures will be released at 1230 UTC today. This is followed by a speech by the chair of the Federal Reserve at 1730 UTC.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the longer-term moving average and has since been bullish, as suggested in yesterday’s chart analysis.

The EURGBP has formed a short series of higher swing highs and higher swing lows and has also formed a bullish channel, all suggesting an uptrend. The moving averages are bullish and steady, signalling that the upside direction could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.8515 and 0.8480. A bullish move could find resistance around the channel resistance area and around the recent highs at 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

As suggested in our last chart analysis, the EURUSD has found support around the longer-term moving average and trend support area.

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

Long opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 1.1750, 1.1730 and 1.1710. A bullish move may stall or reverse around the horizontal levels at 1.1800, 1.1830, 1.1855 and 1.1895.

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.

US retail sales figures will be released at 1230 UTC today. This is followed by a speech by the chair of the Federal Reserve at 1730 UTC.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has reversed around the range and bearish channel resistance areas, as suggested in yesterday’s analysis.

As also suggested, price is now finding support around the range support area. The GBPUSD is down-trending within a bearish channel but is also now ranging between 1.3795 and 1.3880. The moving averages confirm the current indecision – they are tight and moving sideways.

Shorting opportunities may exist around the moving averages, around the bearish channel resistance area and around the range resistance area. A bearish move could be rejected or reverse around the range support area, around the bearish channel support area and around 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.

US retail sales figures will be released at 1230 UTC today. This is followed by a speech by the chair of the Federal Reserve at 1730 UTC.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, price closed above the range resistance area and has since been bullish.

USDCAD is above the recent range consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.2600 and 1.2585.

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 retail sales figures will be released at 1230 UTC today. This is followed by a speech by the chair of the Federal Reserve at 1730 UTC.

USDCHF 

USDCHF 1 Hour Chart

Price is currently finding support around the 61.8% Fib level, as suggested in our last chart analysis.

USDCHF has been bearish and is looking indecisive again. The moving averages are currently bearish and widening, suggesting that the downside momentum could continue.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9025, 0.9075, 0.9165, 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.

US retail sales figures will be released at 1230 UTC today. This is followed by a speech by the chair of the Federal Reserve at 1730 UTC.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, USDJPY has been moving sideways.

Price is indecisive and is lacking trend momentum. The moving averages are bearish and widening, suggesting a potential downside move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 108.75, 109.15, 109.40, 109.80, 110.10, 110.30 and 110.50.

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 retail sales figures will be released at 1230 UTC today. This is followed by a speech by the chair of the Federal Reserve at 1730 UTC.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bullish and has swung higher, as suggested in our last analysis.

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

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1781, 1772, 1757 and 1747. A bullish move could be rejected or reverse around 1794, 1807 and 1831.

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