TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 04, 2018


EURUSD - 04.06.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 04.06.2018

Price has been bullish. The AUDUSD has swung above the recent consolidation area and has formed a bullish channel, all suggesting that price could start up-trending. The moving averages are bullish – confirming the upside momentum. Buying opportunities may exist around the previous horizontal resistance levels at 0.7600 and 0.7590, around the dynamic support of the moving averages and around the channel support area. A bullish move could stall or reverse around the channel resistance area.

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.

The RBA will announce the official cash rate and release a rate statement at 0430 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 04.06.2018 ]

As suggested in Friday’s chart analysis, price continues to be choppy and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 0.8700, 0.8725, 0.8795 and 0.8810.

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 construction PMI figure will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 04.06.2018

The EURUSD has been finding support around the longer-term moving average and the horizontal support at 1.1645 (as suggested in Friday’s chart analysis). Price is now moving sideways and is looking indecisive. The moving averages are also moving sideways – confirming the indecision. Trading opportunities may exist around the horizontal levels at 1.1525, 1.1645, 1.1725, 1.1740 and 1.1835.

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.

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

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 04.06.2018

As suggested in Friday’s chart analysis, the GBPUSD reversed around the previous trend resistance area (as support). Price action has formed a higher swing high and a higher swing low and also a bullish channel, all signalling that price may start up-trending. The moving averages are bullish and are widening – confirming the buying momentum. Opportunities to go long could exist around the horizontal levels at 1.3345, 1.3260 and 1.3230, around the moving averages and around the channel support area. A move higher may be rejected or reverse around the channel resistance area and around the horizontal 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 construction PMI figure will be announced at 0830 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 04.06.2018

Price found support around the previous swing high at 0.6960 and the longer-term moving average and has since been bullish (as suggested in Friday’s chart analysis). Price action has formed a short series of higher swing highs and higher swing lows and the moving averages are bullish, all signalling that the NZDUSD could start up-trending. Long opportunities may exist around the dynamic support of the moving averages and around the horizontal support area at 0.6960. A bullish move could stall or reverse 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.

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

 

USDCAD – 1 Hour Chart

 

USDCAD - 04.06.2018

As suggested in Friday’s chart analysis, price has reversed around the horizontal level at 1.2980. The USDCAD continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal levels at 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.

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

 

USDCHF – 1 Hour Chart

 

USDCHF - 04.06.2018

Price continues to move within a bearish channel. The USDCHF is currently retracing. The moving averages are bearish, suggesting that price could attempt to swing lower. Selling opportunities may exist around the longer-term moving average, around the horizontal resistance at 0.9910, around the 50.0% and 61.8% Fib levels and around the bearish channel resistance area. An attempt to swing lower could be rejected or reverse around the recent swing low at 0.9835 and around the bearish 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.

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

 

USDJPY – 1 Hour Chart

 

USDJPY - 04.06.2018

The USDJPY continues to be indecisive. The moving averages are bullish and are widening though, signalling that price may attempt a bullish move higher. Buying opportunities could exist around the dynamic support of the moving averages, around the previous resistance at 109.05 and around the potential trend support area. A move higher may find resistance around the horizontal levels at 109.80, 110.35 and 110.60.

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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 04.06.2018

Price has moved below the horizontal channel support area but continues to look indecisive. The moving averages are tight and have been crossing frequently – confirming the market indecision. Trading opportunities may exist around the identified horizontal levels at 1282.75, 1288.65, 1294.55, 1305.45 and 1307.50.


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