TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 25, 2020


AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bearish but overall continues to be indecisive and move sidways.

Price is lacking trend direction and momentum. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.6785, 0.6810, 0.6975 and 0.7025.

The Reserve Bank of Australia (RBA) cut rates again in their April 2020 meeting. Rates were cut by a further 0.25%, bringing the official bank rate to 0.25% (a record low). Rates have since stayed the same. The current low rate is needed to help reduce the unemployment rate and stimulate the economy due to COVID-19 recession fears. The RBA will continue to monitor the labour market and inflation. Rates will not be raised until targets are met.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

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

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP has starting ranging.

Price was up-trending but has recently become indecisive and is ranging between 0.9020 and 0.9075 – price action has formed a horizontal channel. The moving are still bullish, suggesting that the EURGBP could attempt a bullish move.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the downside could find support around the horizontal levels at 0.8980, 0.8940 and 0.8920.

The European Central Bank (ECB) continue to keep rates at the record low of 0.00%. Rates have not been cut into negative territory, despite the COVID-19 outbreak. Instead, the ECB has launched an asset buying program. Due to weak trade growth and economic forecasts, rates are likely to stay low for the foreseeable future. The COVID-19 pandemic is just another economic challenge for the Euro zone.

The Bank of England (BOE) has followed other central banks and has cut rates to combat economic challenges caused by the COVID-19 pandemic. The UK interest rate is now set at 0.10% (a historic low). The UK has now left the EU, meaning that Brexit uncertainty should weigh less heavily on the Pound.

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

EURUSD

EURUSD 1 Hour Chart

Price has been bearish but continues to be indecisive.

The EURUSD is lacking trend direction. The moving averages confirm the current indecision – they are moving sideways. Price is up-trending on higher time-frames, suggesting that the EURUSD may attempt a bullish move.

Trading opportunities could exist around the moving averages, around the previous trend resistance area (as support) and around the horizontal levels at 1.1175, 1.1345 and 1.1390.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

The European Central Bank (ECB) continue to keep rates at the record low of 0.00%. Rates have not been cut into negative territory, despite the COVID-19 outbreak. Instead, the ECB has launched an asset buying program. Due to weak trade growth and economic forecasts, rates are likely to stay low for the foreseeable future. The COVID-19 pandemic is just another economic challenge for the Euro zone.

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

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has become indecisive.

The GBPUSD was down-trending but is now looking indecisive. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2340, 1.2530 and 1.2665.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

The Bank of England (BOE) has followed other central banks and has cut rates to combat economic challenges caused by the COVID-19 pandemic. The UK interest rate is now set at 0.10% (a historic low). The UK has now left the EU, meaning that Brexit uncertainty should weigh less heavily on the Pound.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bullish and is forming a swing higher.

Price is now looking indecisive again and is possibly ranging between the recent lows at 1.3495 and the recent highs at 1.3680. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages, around the previous diagonal resistance area and around any of the horizontal levels at 1.3495, 1.3620 and 1.3680. If USDCAD closes above 1.3680, price may attempt a bullish move higher.

The Bank of Canada (BOC) followed the US by slashing it’s benchmark interest rate. The intent of the rate cut is to help boost the economy during the COVID-19 pandemic. The current rate is now 0.25%. The economy is currently performing well and inflation targets are currently at their potential. If coronavirus fears deescalate, the BOC could increase rates again in the near future.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price found resistance around the longer-term moving average.

USDCHF has since been bullish and as moved above both moving averages. Price is still down-trending and is moving within a bearish channel. USDCHF is also down-trending on higher time-frames, adding confidence that the downside direction could continue.

Opportunities to go short may exist around the bearish channel resistance area and around the horizontal resistance levels at 0.9525 and 0.9545. A bearish move could be rejected or reverse around the moving averages, around the bearish channel support area and around the horizontal support levels at 0.9425 and 0.9380.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy continues to be stagnant. The economy was showing signs of positive momentum but COVID-19 is causing the economic to contraction. The Swiss Franc continues to be highly valued as a safe-haven currency. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

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

USDJPY

USDJPY 1 Hour Chart

Just like other USD pairs, USDJPY has become indecisive.

Price is moving sideways and is ranging between 106.25-107.65. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 106.25 and 107.65.

The Federal Reserve has announced a record breaking stimulus package, aimed at US households and employers. The US Federal Open Market Committee (FOMC) has unexpectedly cut rates by 150 points due to heightened concerns regarding the COVID-19 outbreak. The current Fed Funds rate is currently 0.25%, back at post-2008 levels. There is some concern that keeping rates low could cause greater issues in the US’ financial sector. The USD has been acting as a safe haven amid the COVID-19 outbreak. There are some concerns that the COVID-19 pandemic may hit the US hardest, causing a reversal of the recent USD strength.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well and showing signs of expansion. COVID-19 recession fears could stunt economic growth though.

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

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD found support around the previous resistance level and the longer-term moving average.

Price is up-trending. The moving averages are bullish and steady, suggesting that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1759, 1745 and 1733. A bullish move could find resistance around 1778.

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