TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 25, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/24/triumphfx-intraday-forex-analysis-1-hour-charts-august-24-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price found resistance around 0.7265 and the 61.8% Fib level.

The AUDUSD was down-trending but price has reversed the recent sell-off, suggesting that downside momentum is weakening. The moving averages confirm this – they have crossed bullish.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7110, 0.7270, 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.

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

EURGBP

EURGBP 1 Hour Chart

Price has been bullish but has been finding resistance around the shorter-term moving average, as suggested in our last chart analysis.

The EURGBP is up-trending and is currently in a retrace move. The moving averages are tight and moving sideways, signalling market indecision – price could struggle to swing higher.

Opportunities to go long may exist around the trend support area and around the horizontal levels at 0.8545, 0.8530 and 0.8510. A bullish move could be rejected 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

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD reversed around 1.1730.

Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently – confirming the market indecision. The EURUSD is starting to look indecisive on higher time-frames also.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1665, 1.1705, 1.1725, 1.1765, 1.1800 an 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

The GBPUSD has been moving sideways.

Price was down-trending but is currently ranging between 1.3705 and 1.3740. The moving averages are moving sideways – confirming the current indecision.

Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the upside could find resistance around 1.3770, 1.3795 and 1.3880. A break to the downside could find support around the longer-term moving average and around the recent lows 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

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price found support around 1.2585.

Just like other USD pairs, USDCAD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2480, 1.2490, 1.2540, 1.2585, 1.2645 and 1.2930.

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 has been reversing around 0.9105 and 0.9155, as suggested in our last analysis.

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

As suggested in yesterday’s chart analysis, USDJPY has reversed around the range support area.

Price is indecisive and is ranging between 109.55 and 110.15. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the downside may stall or reverse around the horizontal support levels at 109.15 and 108.75. A break to the upside may stall or reverse around the horizontal levels at 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 bullish and has formed a swing higher, as suggested in yesterday’s analysis.

Price is up-trending and is currently in a retrace move. The moving averages are bullish and widening, signalling that the uptrend could continue. GOLD has formed a bullish channel.

Long opportunities may exist around the longer-term moving average, around the bullish channel support area and around the horizontal levels at 1795, 1777, 1772, 1757 and 1747. A bullish move could find resistance around the shorter-term moving average, around the bullish channel resistance area and around the horizontal levels at 1808 and 1829.

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