TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 01, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 01.06.2018

As suggested in yesterday’s chart analysis, the AUDUSD has reversed around the horizontal resistance at 0.7590. Price continues to be choppy ad indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the identified horizontal levels at 0.7450, 0.7480, 0.7590 and 0.7600.

The Reserve Bank of Australia (RBA) have held the official interest rate at 1.5% for over 18 months. The Australian economy continues to grow at a steady pace and produce positive economic indicators under the low interest rate – giving incentive to keep the rate as it is.  The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 01.06.2018

The EURGBP has been bullish and has moved above the bearish channel resistance area. Price continues to be indecisive. The moving averages have been crossing frequently – confirming the indecisive. Trading opportunities may exist around the identified horizontal levels at 0.8700, 0.8740, 0.8790 and 0.8825. Trading opportunities may also exist around the moving averages.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25%. There are hints that the Bank of England (BOE) will hike the interest rate again in the near future. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

A UK manufacturing PMI figure will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 01.06.2018

As suggested in yesterday’s chart analysis, price found support around the horizontal level at 1.1645 and around the previous trend resistance area. The EURUSD continues to be indecisive. The moving averages confirm the lack of trend direction – they are tight and are moving sideways. Trading opportunities could exist around the previous trend resistance area (as support), around the moving averages and around the horizontal levels at 1.1525, 1.1645, 1.1740 and 1.1835. Price action is forming an inverted head and should pattern, signalling that the EURUSD may attempt a bullish move.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The ECB have announced that the economic future of the Euro-zone is looking more stable and that deflation and economic slow-down is low-risk – the euro-zone economy is performing well. Recent comments by the ECB have been fairly dovish though. Most economists believe that the current economy boom will slow-down and that an interest rate hike is not in the near future.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 01.06.2018

Price is finding support around the previous trend resistance area (as suggested in yesterday’s chart analysis). The GBPUSD has become indecisive and is moving within a horizontal channel at 1.3230-1.3345. The moving averages are tight and are moving sideways – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the GBPUSD moves out of the channel (break-out trade). A break to the upside could stall or reverse around the horizontal resistance levels at 1.3410 and 1.3475.

Recent economic indicators for the UK have been positive and Brexit negotiations seem to be progressing – giving strength to the GBP. The Bank of England recently increased the base interest rate by 0.25%. There are hints that the Bank of England (BOE) will hike the interest rate again in the near future. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

A UK manufacturing PMI figure will be announced at 0830 UTC today. US non-farm employment change and unemployment rate figures will be released at 1230 UTC. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 01.06.2018

The NZDUSD is still above the recent consolidation area and the moving averages are bullish and are widening, all suggesting that price may start up-trending. Opportunities to go long could exist around the dynamic support of the moving averages, around the previous horizontal resistance levels at 0.6970 and 0.6960 and around any of the key Fib levels. An attempt to swing higher may be rejected or reverse around the recent swing high and horizontal resistance at 0.7020.

The Reserve Bank of New Zealand (RBNZ) recently kept rates at 1.75% and announced that there will unlikely be a rate hike in the foreseeable future – there is some economic uncertainty caused by New Zealand’s GDP and CPI figures. The New Zealand Dollar continues to be attractive to currency investors due to the yield on carry trades. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

USDCAD – 1 Hour Chart

 

USDCAD - 01.06.2018

As suggested in yesterday’s chart analysis, the USDCAD found resistance around the horizontal level at 1.2975. Price continues to lack trend direction and be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Trading opportunities may exist around the identified horizontal levels at 1.2730, 1.2745, 1.2825, 1.2905, 1.2920, 1.2980 and 1.3040.

The Bank of Canada (BOC) recently raised rates to 1.25%. A recent rally on the oil markets has given some strength to the Canadian Dollar. Economists believe that the BOC will increase the interest rate at least 1 more time before the end of 2018. The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 01.06.2018

Price closed below the range support area and has since been bearish (as suggested in yesterday’s chart analysis). Price action has formed a swing lower and a potential bearish channel. The moving averages are bearish and are widening, all signalling that the USDCHF may start down-trending. Selling opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the bearish channel resistance area. A bearish move may stall or reverse around the recent swing low at 0.9835 and around the channel support area.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. The bearish stock markets may give strength to the Swiss Franc as the CHF is a safe-haven currency. The concern of a potential tariff war between the US and China may also give strength to the CHF.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

USDJPY – 1 Hour Chart

 

USDJPY - 01.06.2018

Just like US Dollar pairs, the USDJPY has become indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 108.20, 108.45, 109.05, 109.80 and 110.35 and around the moving averages.

The US Federal Open Market Committee (FOMC)  recently raised rates to 1.75%. Recent employment and other economic data for the US has been very positive. This suggests that there could be further rate hikes in the near future. This has given strength to the US Dollar. Due to the recent plunge in global stock markets, the Yen (safe haven currency) has seen added strength. If stock markets become bearish, the Yen may continue to strength. The concern of a potential tariff war between the US and China may also give strength to the Yen. The Bank of Japan (BOJ) has not changed the official interest rate since early 2016. Economic indicators for Japan continue to show signs of moderate growth.

US non-farm employment change and unemployment rate figures will be released at 1230 UTC today. This is followed by a US manufacturing PMI figure at 1400 UTC.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 01.06.2018

GOLD continues to be indecisive. Price action has formed a horizontal channel at 1294.50-1307.50 and price is moving within the channel. The moving averages confirm the lack of trend momentum – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the support and resistance areas of the horizontal channel and if GOLD moves out of the channel (break-out trade). A break to the downside may find support around the horizontal levels at 1288.60 and 1282.75.