TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 23, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/20/triumphfx-intraday-forex-analysis-1-hour-charts-august-20-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has entered a bullish retrace move.

The AUDUSD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend may continue.

Opportunities to go short could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 0.7245 and 0.7265. A bearish move may stall or reverse around the shorter-term moving average and around the recent lows at 0.7110.

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 continued to be bullish and move higher, as suggested in our last analysis.

The EURGBP is up-trending and is currently at recent highs. The moving averages are bullish and widening, signalling that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 0.8555, 0.8530 and 0.8510. Price could continue to find resistance around 0.8590.

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

EURUSD has been bullish.

Price was down-trending but is now looking indecisive. The moving averages confirm the potential market indecision – they are tightening and are moving sideways. EURUSD is down-trending on higher time-frames, suggesting that price may become bearish.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1665, 1.1705, 1.1730, 1.1750, 1.1800 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 Friday’s chart analysis, GBPUSD is finding resistance around the trend resistance area.

Price is clearly down-trending and is currently in a retrace move. Price action has formed a bearish channel and the moving averages are bearish and steady, signalling that the downside momentum could continue. GBPUSD is also down-trending on higher time-frames.

Shorting opportunities may exist around the bearish channel resistance area, around the longer-term moving average and around the horizontal levels at 1.3725, 1.3770 and 1.3795. A bearish move could be rejected or reverse around the shorter-term moving average, around the lows at 1.3605 and around the bearish channel support area.

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 has been bearish, as suggested in Friday’s chart analysis.

The USDCAD is in a strong retrace move after forming a large bullish move. The moving averages are bullish and widening, signalling that price may attempt another bullish move. Price is also up-trending on higher time-frames, adding confidence that the upside direction may continue.

Long opportunities could exist around the longer-term moving average, around the 61.8% Fib level and around the horizontal levels at 1.2665, 1.2600 and 1.2585. A bullish move may find resistance around the shorter-term moving average and around the recent swing high at 1.2925.

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 Friday’s chart analysis, price found support around 0.9155.

The USDCHF has since been bearish. Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9075, 0.9105, 0.9155, 0.9190, 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

The USDJPY has been moving sideways, as suggested in our last analysis.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 109.15, 109.55, 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

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

Price continues to be indecisive and range between 1772 and 1795. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may 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 could find resistance around 1807 and 1831. A break to the downside could find support around 1757, 1747 and 1722.

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