TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 19, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/18/triumphfx-intraday-forex-analysis-1-hour-charts-august-18-2021/

AUDUSD

AUDUSD 1 Hour Chart

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

The AUDUSD is clearly down-trending and is currently forming a large bearish move. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is looking a little over-extended though, suggesting a potential bullish retrace move may be due.

Opportunities to go short could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.7245, 0.7265 and 0.7315.

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 has been bullish, as suggested in yesterday’s chart analysis.

The EURGBP is up-trending and is currently attempting to swing higher. Price is moving within a new bullish channel and is heading toward the channel resistance area. The moving averages suggest that the uptrend could continue – they are bullish and steady.

Opportunities to go long may exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 0.8530, 0.8510 and 0.8480. A bullish move could find resistance around the bullish 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 analysis, the EURUSD closed below 1.1705 and has since been bearish.

Price has swung below the recent consolidation, suggesting a potential downtrend. The moving averages confirm this – they are bullish and widening.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.1705, 1.1730, 1.1750 and 1.1800.

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 has swung lower, as suggested in our last chart analysis.

Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend could continue. The GBPUSD is starting to look a little over-extended, signalling that a potential bullish move could be due.

Selling opportunities may exist around the trend resistance areas, around the dynamic resistance of the moving averages and around the horizontal levels at 1.3725, 1.3770, 1.3795 and 1.3880.

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

As suggested in our last chart analysis, price reversed around the shorter-term moving average and has since been bullish.

USDCAD is clearly up-trending and is currently forming a swing higher. The moving averages are bullish and widening, suggesting that the uptrend may continue. The current bullish move is looking over-extended, suggesting a potential bearish retrace move may be due.

Long opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 1.2650, 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.

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

USDCHF 

USDCHF 1 Hour Chart

Price was rejected and has reversed around 0.9210, as suggested in our last analysis.

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

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.9075, 0.9105, 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

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

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently. USDJPY is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 108.75, 109.15, 110.15, 110.30, 110.50 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

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

Price is indecisive. The moving averages are also moving sideways and are tightening – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1722, 1747, 1757, 1772, 1995, 1807 and 1831.

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