TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 06, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD has been retracing some of the recent bullish move. Price is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend could continue. Buying opportunities may exist around the longer-term moving average, around any of the key Fib levels, around the trend support area and around the previous horizontal resistance levels at 0.6935 and 0.6930. A bullish move could stall or reverse around the shorter-term moving average and around the recent swing high at 0.7000.

The Reserve Bank of Australia (RBA) continues to hold the official interest rate at the record low of 1.5%. 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)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

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

 

EURGBP – 1 Hour Chart

 

The EURGBP has bounced off the trend support area (as suggested in yesterday’s chart analysis). Price is up-trending. The recent retrace move has swung below the moving averages, signalling that upside momentum is weakening – the uptrend may becoming to an end. The moving averages confirm this – they are tightening and are moving sideways. Long opportunities could exist around the trend support area and around the horizontal levels at 0.8840, 0.8830, 0.8805 and 0.8790. Shorting opportunities could exist around the moving averages and around the horizontal resistance levels at 0.8870 and 0.8895.

Recent economic indicators for the UK have been positive – giving strength to the Pound. The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. Brexit continues to add uncertainty to the UK economy, holding back any rate hikes. The European Central Bank (ECB) have cut economic forecasts, some economists predicting that Europe is heading for recession. The official rate continues to be at the record low of 0.00%. This is likely to stay unchanged until the end of 2019.

The Governor of the BOE will speak at 0900 UTC today. The ECB will release a monetary policy statement at 1145 UTC. This is followed by a press conference at 1230 UTC.

 

EURUSD – 1 Hour Chart 

 

Price has been bearish and has been retracing some of the recent bullish move. The moving averages are bullish, suggesting that the EURUSD could attempt a bullish move higher. Opportunities to go long may exist around the longer-term moving average, around the 50.0% and 61.8% Fib levels and around the horizontal levels at 1.1215 and 1.1180. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal levels at 1.1230, 1.1265 and 1.1290.

The European Central Bank (ECB) have cut economic forecasts, some economists predicting that Europe is heading for recession. The official rate continues to be at the record low of 0.00%. This is likely to stay unchanged until the end of 2019. The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

The ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed around the horizontal resistance at 1.2745. The GBPUSD is now looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Trading opportunities could exist around the moving averages, around the previous diagonal resistance area (as support) and around the horizontal levels at 1.2560, 1.2610, 1.2695, 1.2745 and 1.2785.

Recent economic indicators for the UK have been positive – giving strength to the Pound. The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. Brexit continues to add uncertainty to the UK economy, holding back any rate hikes. The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

The Governor of the BOE will speak at 0900 UTC today.

 

NZDUSD – 1 Hour Chart

 

The NZDUSD has been retracing some of the recent bullish move. Price is up-trending. The moving averages are bullish and steady, signalling that the NZDUSD could attempt to swing higher. Buying opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the previous horizontal resistance levels at 0.6580 and 0.6560. A bullish move could stall or reverse around the recent swing high at 0.6650.

The Reserve Bank of New Zealand (RBNZ) continue to keep the official interest rate at 1.75%. The RBNZ have announced that the rate is likely to stay the same throughout 2019 but recent economic data for New Zealand has been poor, suggesting a further cut to rates. The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019.

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

 

USDCAD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the USDCAD has reversed off the horizontal level at 1.3370. Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision. Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3365, 1.3370, 1.3430 and 1.3490.

The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019. The Bank of Canada (BOC) continues to raise interest rates, as expected. The current rate is 1.75% – it’s highest since December 2008. Further rate hikes are expected. Oil price fluctuations may impact the Canadian economy.

A Canadian trade balance figure will be released at 1230 UTC today.

 

USDCHF – 1 Hour Chart

 

Price is down-trending and is currently in a retrace move. The moving averages are bearish and steady, suggesting that the USDCHF could attempt a swing lower. Selling opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 0.9950 and 1.0010. A bearish move could be rejected or reverse around the shorter-term moving average and around the horizontal support levels at 0.9905 and 0.9870.

The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019. The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy was stagnant throughout late 2018 but has been showing signs of positive momentum so far in 2019. The Swiss Franc continues to be highly valued. The SNB has announced that it will continue to intervene with in foreign exchange markets.

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

 

USDJPY – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price has reversed around the range resistance area. The USDJPY has been down-trending but currently ranging between 107.85 and 108.45. Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the upside may find resistance around 109.20 and the trend resistance area.

The US Federal Open Market Committee (FOMC)  has been raising rates steadily over the last 3 years. The current Fed Funds rate is 2.5%. Recent economic projections have been revised down though, no rate hike is now expected until the end of 2019. The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy was under-performing in 2018 but is currently seeing signs of moderate expansion.

The Governor of the Bank of Japan will speak at 0825 UTC today.

 

XAUUSD – 1 Hour Chart

 

GOLD moved higher (as suggested in yesterday’s chart analysis). The moving averages are bullish and steady, signalling that the upside momentum could continue. Long opportunities may exist around the dynamic support of the moving averages and around any of the key Fib levels. An attempt to swing higher could find resistance around the recent highs at 1341.

 

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