TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 24, 2021
Previous analysis… https://analysis.tfxi.com/2021/08/23/triumphfx-intraday-forex-analysis-1-hour-charts-august-23-2021/
AUDUSD
AUDUSD has been bullish.
Price is clearly down-trending and is currently in a retrace move. The moving averages are tightening and could cross bullish, signalling that AUDUSD could struggle to swing lower. Price continues to downtrend on higher time-frames.
Selling opportunities may exist around the 50.0% and 61.8% Fib levels and around the horizontal levels at 0.7245, 0.7265, 0.7315, 0.7325 and 0.7380. A bearish move could be rejected or reverse around the moving averages 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
As suggested in yesterday’s chart analysis, EURGBP reversed around the trend support area and 61.8% Fib level.
Price is up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue.
Buying opportunities could exist around the trend support area, around the 61.8% Fib level and around the horizontal levels at 0.8530 and 0.8510. A bullish move may stall or reverse around the moving averages and around the recent swing high at 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
Price has been finding resistance around 1.1750, as suggested in yesterday’s chart analysis.
EURUSD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price is down-trending on higher time-frames, suggesting a potential downside move.
Trading opportunities may exist around the moving averages and around any of the identified 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
Price has been bullish.
GBPUSD is down-trending but is currently in a strong retrace move. Price has swung above the recent bearish channel resistance area and the moving averages, suggesting that GBPUSD may struggle to swing lower. The moving averages confirm the potential end of the trend – they are becoming bullish.
Shorting opportunities could exist around the horizontal levels at 1.3770, 1.3795 and 1.3880. A bearish move may stall or reverse around the bullish moving averages, around the previous support and resistance areas of the bearish channel and around the recent swing low at 1.3605.
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
The USDCAD has been bearish.
Price has almost reversed the recent bullish swing, signalling that the uptrend could be over. The moving averages are tightening and could cross bearish, suggesting that the uptrend is over. The USDCAD could now become indecisive.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2480, 1.2490, 1.2540, 1.2585, 1.2605 and 1.2645.
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
As suggested in yesterday’s chart analysis, the USDCHF has been moving sideways.
Price is indecisive and is lacking trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The USDCHF is indecisive on higher time-frames also, providing no clear indication of future price direction.
Trading opportunities could exist around the moving averages and around 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
Price reversed around 110.15, as suggested in our last chart analysis.
The USDJPY is indecisive and is lacking trend momentum. The moving averages confirm the current indecision – they are tight and moving sideways. Price is ranging between the horizontal levels at 109.55 and 110.15.
Trading opportunities may exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade). A break to the upside could find resistance around 110.30, 110.50 and 110.80. A break to the downside could find support around 109.15 and 108.75.
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
As suggested in our last chart analysis, price closed above the range resistance area and then found resistance at 1807.
GOLD has swung above the recent consolidation area, suggesting an uptrend. The moving averages confirm the potential upside – they are bullish and steady.
Long opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 1795, 1772, 1757 and 1747. A bullish move may find resistance around 1807 and 1829.
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