TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 26, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/25/triumphfx-intraday-forex-analysis-1-hour-charts-august-25-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has been finding support around the shorter-term moving average.

Price was down-trending but is now looking indecisive. AUDUSD is down-trending on higher time-frames but the recent bullish move was large and the moving averages are bullish and steady, signalling that price could struggle to swing lower.

Trading opportunities may exist around the moving averages and around 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.

A US preliminary GDP figure will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

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

Price was up-trending but is currently indecisive. The moving averages confirm the market indecision – they are tight and moving sideways. EURGBP is ranging between 0.8545-0.8570. Price has broken below the recent trend support area, suggesting that the uptrend may becoming to an end.

Trading opportunities could exist around the support and resistance areas of the range and if EURGBP moves out of the range (break-out trade). A break to the upside may find resistance around 0.8590. A break to the downside may find support around 0.8530, 0.8510 and 0.8480. Trading opportunities could also exist around the previous trend support area as resistance.

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, price reversed around 1.1725.

EURUSD is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.1665, 1.1705, 1.1725, 1.1800, 1.1830 and 1.1855.

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.

A US preliminary GDP figure will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price broke above the range resistance area and then found resistance at 1.3770, as suggested in our last chart analysis.

GBPUSD continues to be indecisive and lack trend momentum. The moving averages are tightening and are moving sideways – confirming the current indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.3605, 1.3705, 1.3740, 1.3770, 1.3795, 1.3880 and 1.3890.

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.

A US preliminary GDP figure will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, the USDCAD found support around 1.2585.

Price continues to be indecisive and lack trend direction. The moving averages are tightening – confirming the indecision.

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

A US preliminary GDP figure will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF found resistance around 0.9155, as suggested in yesterday’s chart analysis.

Price has since closed above the resistance area. The USDCHF is indecisive, just like other USD pairs. The moving averages confirm the market indecision – they have been crossing frequently. Price is also indecisive on higher time-frames – providing no clear indication of future trend direction.

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

A US preliminary GDP figure will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last analysis, price has been finding resistance around the range resistance area.

The USDJPY continues to be indecisive and range between 109.55-110.15. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could be rejected or reverse around 110.30, 110.50 and 110.80. A break to the downside could be rejected or reverse 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.

A US preliminary GDP figure will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been finding support around the bullish channel support area, as suggested in our last chart analysis.

GOLD is up-trending and is moving within a bullish channel. The moving averages are tightening though and are moving sideways, suggesting market indecision.

Buying opportunities could exist around the bullish channel support area and around the horizontal levels at 1777, 1772, 1757 and 1747. A bullish move may stall or reverse around the moving averages, around the channel resistance area and around the horizontal levels at 1808 and 1829.

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