TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 20, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/19/triumphfx-intraday-forex-analysis-1-hour-charts-august-19-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, AUDUSD has continued to be bearish and move lower.

Price is clearly down-trending and is currently forming a large bearish move. The moving averages are bearish and steady, signalling that the downtrend could continue. The current bearish move is looking over-extended, suggesting that a bullish retrace move could be due.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7245 and 0.7265.

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

Price is up-trending and is currently forming a large bullish move. The moving averages are bullish and widening, suggesting that the uptrend may continue. The current bullish move is looking a little over-extended, signalling that EURGBP may be due a retrace move.

Buying opportunities could exist around the bullish moving averages, around the trend support area and around the horizontal levels at 0.8555, 0.8530 and 0.8510.

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 reversed around 1.1705 and around the shorter-term moving average.

EURUSD is down-trending and is currently finding support around recent lows. The moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist around the bearish moving averages and around the horizontal levels at 1.1705, 1.1730, 1.1750 and 1.1800. A bearish move could stall or reverse around the recent lows at 1.1670.

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

Price has been bearish, as suggested in yesterday’s analysis.

GBPUSD is down-trending and is currently forming a bearish move lower. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is also down-trending on higher time-frames.

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 1.3725, 1.3770 and 1.3795.

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, the USDCAD has been bullish.

Price is up-trending and is currently forming a swing higher. The moving averages suggest that the uptrend could continue – they are bullish and steady. The current bullish move is starting to look over-extended, signalling a potential bearish retrace move.

Long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 1.2645, 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

The USDCHF has been moving sideways, as suggested in yesterday’s chart analysis.

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.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.9075, 0.9105, 0.9155, 0.9195, 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, price has been moving sideways.

The USDJPY is indecisive and is lacking trend direction. The moving averages are tight and moving sideways – confirming the current indecision. 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 horizontal levels at 109.15, 110.15, 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.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been moving sideways, as suggested in our last chart analysis.

GOLD is indecisive and is lacking trend momentum. Price is currently ranging between 1772 and 1795. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside may stall or reverse around the horizontal levels at 1807 and 1831. A break to the downside may stall or reverse around the horizontal levels at 1757, 1747 and 1722.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 0