TriumphFX – Forex Analysis – USD Pairs – April, May & June 2021


Previous analysis… https://analysis.tfxi.com/2020/12/30/triumphfx-forex-analysis-usd-pairs-january-february-march-2021/

AUDUSD – Daily Chart

AUDUSD Daily Chart

Price reversed around the trend support area and was bullish, as suggested in our last USD chart analysis.

AUDUSD has been up-trending but a recent bearish move has swung below the trend support area, suggesting that upside momentum is weakening – the trend may becoming to an end. The moving averages confirm the potential market indecision – they are starting to move sideways. AUDUSD may start ranging between 0.7585 and 0.7965.

Trading opportunities could exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 0.7000, 0.7380, 0.7585 and 0.7965.

The Reserve Bank of Australia (RBA) continue to keep the official interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

EURUSD – Daily Chart

EURUSD Daily Chart

As suggested in our last USD analysis, price reversed around the bullish channel resistance area.

The EURUSD has since been bearish. Price is starting to look indecisive. The daily moving averages confirm this – they are starting to tighten and move sideways. The EURUSD is ranging on the weekly time-frame.

Trading opportunities could exist around the moving averages, around the diagonal resistance areas and around any of the horizontal levels at 1.0655, 1.0775, 1.1135, 1.1170, 1.1400, 1.1615, 1.1960, 1.2175 and 1.2335.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

GBPUSD – Daily Chart

GBPUSD Daily Chart

The GBPUSD reversed around 1.3460 and has been bullish, as suggested in our last USD chart analysis.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady and price action has formed a bullish channel.

Opportunities to go long could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1.3460, 1.2715, 1.2305 and 1.2080. A bullish move may be rejected or reverse around the recent swing high at 1.4140 and around the bullish channel resistance area.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

USDCAD – Daily Chart

USDCAD Daily Chart

As suggested in our last analysis, the USDCAD has continued to be bearish and move lower.

USDCAD is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend may continue. The current downside pattern is becoming tight though, suggesting a potential bullish breakout.

Trading opportunities could exist around the diagonal support and resistance areas. If USDCAD closes above the diagonal resistance area, price may become indecisive. A bullish move could be rejected or reverse around the dynamic resistance of the moving averages and around the horizontal levels at 1.2890, 1.3000, 1.3385, 1.3690, 1.3875 and 1.4190.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

USDCHF – Daily Chart

USDCHF Daily Chart

The USDCHF has been bullish.

Price was down-trending but USDCHF has swung above the trend resistance area and has formed a swing higher, suggesting that the downtrend is over. The moving averages are starting to become bullish, signalling a potential uptrend.

Long opportunities may exist around the bullish moving averages and around the horizontal levels at 0.9280, 0.9025 and 0.8780. A bullish move could find resistance around 0.9500, 0.9600, 0.9760 and 0.9885.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.

USDJPY – Daily Chart

USDJPY Daily Chart

Price found resistance around the bearish channel resistance area, as suggested in our last USD chart analysis.

USDJPY has since been bullish and has swung above a number of key resistance levels, suggesting a potential uptrend. The daily moving averages have crossed bullish, confirming the potential upside. On the weekly time-frame, USDJPY is around a key resistance area, suggesting a potential bearish move.

Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 109.60, 108.00, 107.00, 106.10 and 104.50. A bullish move could find resistance around 111.30 and 112.00.

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