TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 27, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/26/triumphfx-intraday-forex-analysis-1-hour-charts-august-26-2021/

AUDUSD

AUDUSD 1 Hour Chart

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

The AUDUSD continues to be indecisive. The moving averages are tightening and moving sideways – confirming the market indecision. Price action is forming a potential head and shoulder pattern, signalling a potential bearish move. Price may start ranging between 0.7225 and 0.7280.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7110, 0.7225, 0.7280, 0.7315 and 0.7325.

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 PCE price index figure will be released at 1230 UTC today. This is followed by a speech from the Federal Reserve Chair at 1400 UTC.

EURGBP

EURGBP 1 Hour Chart

Price broke above the range resistance area and has since been bullish, as suggested in yesterday’s chart analysis.

The EURGBP was up-trending but entered a consolidation. Price is bullish again and could start up-trending again. The moving averages are becoming bullish – confirming the upside.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 0.8570, 0.8545, 0.8530 and 0.8510. Price could be rejected or reverse 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

As suggested in yesterday’s chart analysis, the EURUSD reversed around the longer-term moving average.

Price continues to be indecisive and lack trend direction. The moving averages are bullish and steady though, suggesting a potential bullish move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1665, 1.1705, 1.1725, 1.1775 and 1.1800.

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 PCE price index figure will be released at 1230 UTC today. This is followed by a speech from the Federal Reserve Chair at 1400 UTC.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has been bearish.

Price continues to be indecisive though. The moving averages confirm the current indecision – they are tightening and are moving sideways.

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

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 PCE price index figure will be released at 1230 UTC today. This is followed by a speech from the Federal Reserve Chair at 1400 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been bullish.

USDCAD is still looking indecisive. The moving averages confirm the indecision – they are tightening and are moving sideways. Price is forming a higher swing high, suggesting that USDCAD may become bullish.

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 1.2925.

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.

A US PCE price index figure will be released at 1230 UTC today. This is followed by a speech from the Federal Reserve Chair at 1400 UTC.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been reversing off the horizontal levels at 0.9155 and 0.9190.

USDCHF continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around 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 PCE price index figure will be released at 1230 UTC today. This is followed by a speech from the Federal Reserve Chair at 1400 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY has reversed around the range resistance area, as suggested in our last chart analysis.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. USDJPY is ranging between the horizontal support at 109.55 and the horizontal resistance at 110.20.

Trading opportunities could 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 may find resistance around 110.30, 110.50 and 110.80. A break to the downside may find support around 109.15.

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 PCE price index figure will be released at 1230 UTC today. This is followed by a speech from the Federal Reserve Chair at 1400 UTC.

XAUUSD

As suggested in yesterday’s chart analysis, GOLD has been bullish.

Price is up-trending. GOLD is moving within a bullish channel and has recently reversed off the bullish channel support area. The moving averages have been crossing frequently and are moving sideways, signalling potential indecision. Price could start ranging between 1783 and 1808.

Long opportunities may exist around the moving averages, around the bullish channel support area and around the horizontal levels at 1783, 1777, 1772, 1757 and 1747. A bullish move could be rejected or reverse around the channel resistance area and around the potential range resistance at 1808.

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