TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 07, 2018


 

AUDUSD – 1 Hour Chart

 

AUDUSD - 07.06.2018

As suggested in yesterday’s chart analysis, the AUDUSD has found support around the shorter-term moving average and the trend support area. Price continues to uptrend. The moving averages are bullish and are steady, signalling that the uptrend may continue. Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 0.7600 and 0.7590. A bullish move may stall or reverse around the recent high at 0.7675.

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.

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

 

EURGBP – 1 Hour Chart

 

EURGBP - 07.06.2018

The EURGBP has been finding resistance around the horizontal level at 0.8790 (as suggested in yesterday’s chart analysis). Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently and are currently moving sideways. Trading opportunities may 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 - 07.06.2018

As suggested in yesterday’s chart analysis, price has been bullish and is forming a swing higher. The moving averages are bullish and are widening, signalling that the buying momentum may continue. Long opportunities could exist around the previous resistance levels at 1.1740 and 1.1730, around the dynamic support of the moving averages and around the diagonal support area. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.1825 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 - 07.06.2018

Price has been finding resistance around the channel resistance area (as suggested in yesterday’s chart analysis). The GBPUSD continues to uptrend within a bullish channel. The moving averages are bullish and are widening, signalling that the uptrend could continue. Buying opportunities may exist around the previous swing high at 1.3390, around the dynamic support of the moving averages and around the channel support area. A bullish move could find resistance 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.

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

 

NZDUSD – 1 Hour Chart

 

NZDUSD - 07.06.2018

As suggested in yesterday’s chart analysis, the NZDUSD has been finding support around the shorter-term moving average and the trend support area. Price continues to uptrend and be bullish. The NZDUSD is struggling to close above the 0.7055 resistance though and the moving averages are starting to move sideways, all signalling that the upside momentum is weakening – price may attempt a bearish move. If the NZDUSD becomes bearish, opportunities to go long could exist around the horizontal levels at 0.7005, 0.6960 and 0.6955. If price closes above the 0.7055 resistance, the NZDUSD may attempt a bullish move higher.

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 - 07.06.2018

The USDCAD continues to be choppy and indecisive. The moving averages are tight and crossing frequently – confirming the market indecision. Trading opportunities may exist around the horizontal levels at 1.2745, 1.2825, 1.2865, 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.

The Governor of the Bank of Canada will speak at 1515 UTC today.

 

USDCHF – 1 Hour Chart

 

USDCHF - 07.06.2018

Price continues to be indecisive and range between 0.9830 and 0.9910 and also move within the 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. A bearish move may find support 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.

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

 

USDJPY – 1 Hour Chart 

 

USDJPY - 07.06.2018

Price has been bullish but is now looking indecisive again. The moving averages are tightening and starting to move sideways – confirming the current indecision. Trading opportunities may exist around the identified horizontal levels at 108.25, 108.45, 109.05, 109.45, 110.20, 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.

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

 

XAUUSD – 1 Hour Chart

 

XAUUSD - 07.06.2018

GOLD continues to be choppy and indecisive. The moving averages confirm the indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the horizontal resistance levels at 1282.75, 1288.65, 1290.50, 1300.50, 1305.45 and 1307.50.