TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 05, 2018


GBPUSD - 05.06.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 05.06.2018

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish and has swung higher. Price is above the recent consolidation area and has started up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Opportunities to go long could exist around the dynamic support of the moving averages, around the previous resistance levels at 0.7600 and 0.7590 and around the trend support area. A bullish move may stall or reverse around the recent swing high at 0.7660.

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.

A US non-manufacturing PMI figure will be announced at 1400 UTC today. An Australian GDP figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 05.06.2018

The EURGBP continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 0.8700, 0.8725, 0.8730, 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 services PMI figure will be announced at 0830 UTC today.

 

EURUSD – 1 Hour Chart

 

EURUSD - 05.06.2018

Price continues to move sideways and be indecisive. The moving averages are tightening and are moving sideways – confirming the current indecision. Trading opportunities could exist around the identified 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.

A US non-manufacturing PMI figure will be announced at 1400 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 05.06.2018

As suggested in yesterday’s chart analysis, price reversed around the bullish channel resistance area. Price action has formed a short series of higher swing highs and lows and the moving averages are bullish and steady, all signalling that the GBPUSD could start up-trending. Long opportunities may exist around the moving averages, around the channel support area and around the horizontal support levels at 1.3260 and 1.3230. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal resistance levels at 1.3390, 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 services PMI figure will be announced at 0830 UTC today. A US non-manufacturing PMI figure will be announced at 1400 UTC.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 05.06.2018

The NZDUSD has been bullish and has swung higher (as suggested in yesterday’s chart analysis). Price is up-trending. The moving averages are bullish and steady, all signalling that the upside momentum may continue. Buying opportunities could exist around the previous swing high at 0.7020, around the trend support area and around the dynamic support of the moving averages. A bullish move may find resistance around the recent swing high at 0.7045.

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.

A US non-manufacturing PMI figure will be announced at 1400 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 05.06.2018

As suggested in yesterday’s chart analysis, the USDCAD reversed around the horizontal level at 1.2905. Price continues to be indecisive. The moving averages have been crossing frequently and have been providing no clear trend direction – confirming the indecision. Trading opportunities may exist around the horizontal levels at 1.2745, 1.2825, 1.2905, 1.2980 and 1.3040 and around the support and resistance areas of the identified tightening triangular pattern.

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.

A US non-manufacturing PMI figure will be announced at 1400 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 05.06.2018

Price was bearish but then reversed around the recent swing low at 0.9835 (as suggested in yesterday’s chart analysis). The USDCHF is now looking indecisive. The moving averages confirm this – they are tight and are moving sideways. Price is ranging between the horizontal levels at 0.9830 and 0.9910. Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A move out of the range may stall or reverse around the support and resistance areas of the bearish channel.

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.

A US non-manufacturing PMI figure will be announced at 1400 UTC today.

 

USDJPY – 1 Hour Chart

 

USDJPY - 05.06.2018

As suggested in yesterday’s chart analysis, price has been bullish. The USDJPY is now looking a little indecisive again. Trading opportunities may exist around the identified horizontal levels. The moving averages are bullish and are widening, signalling that price could 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. 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.

A US non-manufacturing PMI figure will be announced at 1400 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 05.06.2018

GOLD continues to be indecisive. The moving averages are bearish and are widening, signalling that price may become bearish. Shorting opportunities could exist around the dynamic resistance of the moving averages and around the horizontal resistance levels at 1296.75, 1305.45 and 1307.50. A bearish move may be rejected or reverse around the horizontal support levels at 1291.35, 1288.65 and 1282.75.


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