TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 30, 2021
Previous analysis… https://analysis.tfxi.com/2021/08/27/triumphfx-intraday-forex-analysis-1-hour-charts-august-27-2021/
AUDUSD
As suggested in Friday’s chart analysis, AUDUSD has reversed around 0.7315.
Price has been bullish and has formed a short series of higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages are bullish and steady, suggesting that the upside direction could continue.
Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7280 and 0.7225. A bullish move could be rejected or reverse around the horizontal levels at 0.7315 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 reversed around 0.8590, as suggested in Friday’s chart analysis.
Price is looking indecisive again and is lacking trend momentum. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. EURGBP has formed a horizontal channel at 0.8545-0.8590 and price is moving within the channel.
Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the downside may find support around 0.8530, 0.8510 and 0.8480.
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
As suggested in our last chart analysis, price has been bullish.
EURUSD is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue.
Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1775, 1.1750, 1.1725 and 1.1705. A bullish move could find resistance around the recent highs at 1.1805.
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 was looking indecisive but has just formed a higher swing high, signalling a potential uptrend. Price action has formed a bullish channel and the moving averages are bullish and steady – confirming the potential upside.
Opportunities to go long could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1.3740, 1.3705 and 1.3680. A bullish move may stall or reverse around the channel resistance area and around the horizontal levels at 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD
As suggested in Friday’s chart analysis, the USDCAD has been moving sideways.
Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they are moving sideways.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2490, 1.2540, 1.2585 and 1.2700.
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
The USDCHF has been finding support around 0.9105, as suggested in Friday’s analysis.
Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The USDCHF is also indecisive on higher time-frames.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.9105, 0.9155, 0.9190, 0.9200 and 0.9210. If price closes below 0.9105, the USDCHF may attempt a bearish move lower.
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
As suggested in our last chart analysis, price has reversed around the range resistance area.
The USDJPY is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging and has formed a horizontal channel at 109.55-110.20.
Trading opportunities may exist around the support and resistance areas of the channel and if the USDJPY closes out of the channel (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.
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
GOLD has been bullish and has swung higher, as suggested in our last analysis.
Price is up-trending and is currently forming a higher swing high. The moving averages continue to cross frequently, suggesting indecision.
Buying opportunities could exist around the moving averages, around the trend support area and around the horizontal levels at 1808, 1783, 1777, 1772, 1757 and 1747.
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