TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 06, 2018


USDCHF - 06.06.2018

 

AUDUSD – 1 Hour Chart

 

AUDUSD - 06.06.2018

As suggested in yesterday’s chart analysis, price reversed around the previous horizontal resistance at 0.7600 and has since swung higher. The AUDUSD is up-trending. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous swing high at 0.7660, around the trend support area, around the bullish moving averages and around the horizontal levels at 0.7600 and 0.7590.

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 crude oil inventories is at 1430 UTC today. An Australian trade balance figure will be released at 0130 UTC.

 

EURGBP – 1 Hour Chart

 

EURGBP - 06.06.2018

Price continues to be choppy and indecisive. The moving averages continues to cross and move sideways – confirming the current indecision. Trading opportunities could exist around the identified horizontal levels at 0.8700, 0.8720, 0.8730, 0.8790, 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.

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

 

EURUSD – 1 Hour Chart

 

EURUSD - 06.06.2018

As suggested in yesterday’s chart analysis, the EURUSD was finding resistance around the horizontal resistance at 1.1725. Price is now attempting a bullish move. Price action has formed a bullish channel and the moving averages are bullish, all signalling that the EURUSD may start up-trending. Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal support at 1.1645. Price may find resistance around the horizontal resistance levels at 1.1740 and 1.1835 and around the channel resistance 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 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 crude oil inventories is at 1430 UTC today.

 

GBPUSD – 1 Hour Chart

 

GBPUSD - 06.06.2018

The GBPUSD reversed around the channel support area and the longer-term moving average and is now finding resistance around the channel resistance area (as suggested in yesterday’s chart analysis). Price continues to uptrend within a bullish channel. The moving averages are bullish and steady, signalling that the upside momentum could continue. Opportunities to go long may exist around the previous horizontal resistance levels at 1.3410 and 1.3390, around the dynamic support of the moving averages and around the channel support area. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal resistance at 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.

US crude oil inventories is at 1430 UTC today.

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 06.06.2018

As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average and trend support area. The NZDUSD is forming a swing higher – price continues to uptrend. The moving averages confirm the buying momentum – they are bullish. Long opportunities could exist around the horizontal levels at 0.7045 and 0.7005, the dynamic support of the moving averages and around the trend support area.

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 crude oil inventories is at 1430 UTC today.

 

USDCAD – 1 Hour Chart

 

USDCAD - 06.06.2018

Price broke to the upside of the tightening triangle pattern and was then bullish. The USDCAD soon found resistance at the horizontal level at 1.3040 (as suggested in yesterday’s chart analysis) and has since been bearish. Price continues to be indecisive. The moving averages confirm this – they are tight and are moving sideways. Trading opportunities may exist around the identified horizontal levels at 1.2745, 1.2825, 1.2905, 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.

A Canadian trade balance figure will be released at 1230 UTC today. This is followed by US crude oil inventories at 1430 UTC.

 

USDCHF – 1 Hour Chart

 

USDCHF - 06.06.2018

As suggested in yesterday’s chart analysis, the USDCHF has been finding support around the range support area. Price continues to be indecisive and range between 0.9830 and 0.9910 but price also continues to move within a bearish channel. 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). The moving averages are bearish, suggesting that price may break to the downside. Shorting opportunities could exist around the bearish channel resistance 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 crude oil inventories is at 1430 UTC today.

 

USDJPY – 1 Hour Chart 

 

USDJPY - 06.06.2018

The USDJPY is up-trending. The moving averages are bullish, suggesting that the upside momentum could continue. Buying opportunities may exist around the horizontal levels at 109.80, 109.45 and 109.05 and around the dynamic support of the moving averages. A move to the upside could stall or reverse around the horizontal levels at 110.60 and 111.35.

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 crude oil inventories is at 1430 UTC today.

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 06.06.2018

Price continues to be indecisive. The moving averages are tightening and are moving sideways – confirming the market indecision. Trading opportunities could exist around the horizontal resistance levels at 1282.75, 1288.65, 1290.50, 1296.75, 1305.45 and 1307.50.


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