TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 31, 2021


Previous analysis… https://analysis.tfxi.com/2021/08/30/triumphfx-intraday-forex-analysis-1-hour-charts-august-30-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the shorter-term moving average.

The AUDUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and widening, signalling that the upside direction may continue. Price action has formed a bullish channel.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 0.7225, 0.7280, 0.7290 and 0.7315. A bullish move may stall or reverse around the bullish channel resistance area and around the recent highs at 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.

An Australian GDP figure will be released at 0130 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been moving sideways, as suggested in our last chart analysis.

The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is moving within a horizontal channel at 0.8545-0.8590.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the EURGBP moves out of the channel (break-out trade). A break to the downside could find support around any of the horizontal levels at 0.8530, 0.8510 and 0.8485.

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 has been bullish and has swung higher.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and widening, signalling that the upside may continue.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.1805, 1.1785, 1.1775 and 1.1750.

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 reversed around 1.3740 and the moving averages and has since been bullish, as suggested in yesterday’s chart analysis.

Price is currently finding resistance around 1.3795, as also suggested. The GBPUSD is up-trending and is moving within a bullish channel. The moving averages are bullish and widening, signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 1.3780, 1.3770, 1.3740, 1.3705 and 1.3680. A bullish move could find resistance around the bullish channel resistance area and around the horizontal levels at 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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, price has been moving sideways and has been finding support around 1.2585.

USDCAD is indecisive and is lacking trend momentum. Price action has formed a diagonal resistance area and is trying to close below the support at 1.2585, suggesting that price may become bearish. The moving averages continue to signal indecision though – they are tight and moving sideways.

Opportunities to go short could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2585 and 1.2670. A bearish move may be rejected or reverse around the horizontal levels at 1.2540 and 1.2490.

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 moving sideways, as suggested in our last analysis.

USDCHF continues to be indecisive and move sideways. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the horizontal levels at 0.9105, 0.9190, 0.9200 and 0.9210.

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 our last chart analysis, USDJPY has been moving sideways.

Price continues to lack trend direction and be indecisive. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. USDJPY is ranging between 109.55 and 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 downside may find support around 109.15. A break to the upside may find resistance around 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 reversed around the shorter-term moving average, as suggested in our last chart 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.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1808, 1783, 1777, 1772 and 1748. A bullish move could find resistance around the recent highs at 1821.

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