TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 22, 2021


Previous analysis… https://analysis.dehuifx.com/2021/07/21/triumphfx-intraday-forex-analysis-1-hour-charts-july-21-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

AUDUSD is down-trending and is currently in a bullish retrace move. The moving averages are starting to tighten and price is above the moving averages, suggesting that AUDUSD could struggle to swing lower.

Opportunities to go short may exist around the 50.0% and 61.8% Fib levels, around the trend resistance area and around the horizontal levels at 0.7410, 0.7440, 0.7485, 0.7500 and 0.7525. A bearish move could be rejected or reverse around the moving averages and around the recent lows at 0.7295.

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. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 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 expected originally.

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

EURGBP

EURGBP 1 Hour Chart

Price has been bearish.

EURGBP is showing signs of a potential uptrend. Price is currently in a retrace move. The moving averages are tightening and moving sideways, signalling indecision.

Opportunities to go long could exist around the 61.8% Fib level and around the horizontal levels at 0.8565 and 0.8510. A bullish move may stall or reverse around the moving averages and around the horizontal levels at 0.8615 and 0.8660.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. 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.

The ECB will released a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD has been finding resistance around the trend resistance area.

Price is down-trending but continues to be choppy. EURUSD is currently in a retrace move. The moving averages are starting to move sideways, suggesting indecision.

Trading opportunities may exist around the moving averages, around the trend resistance area (as support or resistance) and around any of the horizontal levels at 1.1760, 1.1770, 1.1820 and 1.1850.

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 expected originally.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The ECB will released a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bullish, as suggested in our last analysis.

Price is down-trending and is currently in a strong retrace move. The moving averages are tightening and moving sideways, suggesting that GBPUSD may struggle to swing lower. Price is up-trending on higher time-frames, signalling that the bullish direction may continue.

Shorting opportunities could exist around the trend resistance area and around any of the horizontal levels at 1.3740, 1.3760, 1.3805 and 1.3885. A bearish move may find support around the moving averages and around the recent lows at 1.3595.

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 expected originally.

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 has reversed around the trend support area.

The USDCAD is up-trending and is currently in a strong retrace move. The moving averages have crossed bearish, suggesting that price could struggle to swing higher.

Long opportunities may exist around the trend support area and around the horizontal levels at 1.2530 and 1.2430. A bullish move could find resistance around 1.2580, 1.2610 and 1.2785.

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 expected originally.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

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

USDCHF 

USDCHF 1 Hour Chart

Price has been finding support around 0.9165, as suggested in yesterday’s chart analysis.

The USDCHF is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9120, 0.9135, 0.9165, 0.9215 and 0.9225.

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 SNB are expecting economic growth from the 2nd quarter of 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 expected originally.

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, the USDJPY reversed around 110.30.

Price was down-trending. Recent price action has been bullish though and has broken the bearish channel, signalling that the downtrend could be over. The moving averages have crossed bullish – confirming this.

Trading opportunities may exist around the moving averages, around the support and resistance areas of the previous bearish channel and around any of the horizontal levels at 109.20, 109.55, 110.30, 110.60 and 110.75.

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 expected originally.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

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

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been finding support around 1800, as suggested in our last chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages are bearish and steady, signalling a potential bearish move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1792, 1798, 1825 and 1832.

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