TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 24, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/20/triumphfx-intraday-forex-analysis-1-hour-charts-may-20-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, the AUDUSD has been moving sideways.

Price continues to lack trend momentum and be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. The AUDUSD is currently ranging between 0.7715 and 0.7780.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around the recent lows at 0.7685. A break to the upside may find resistance around 0.7810, 0.7825, 0.7855 and 0.7885.

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.

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

EURGBP

EURGBP 1 Hour Chart

The EURGBP reversed around 0.8585, as suggested in our last chart analysis.

Price action was showing signs of a potential uptrend but is now looking indecisive – price is moving sideways and is ranging between 0.8585 and 0.8635. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). A break to the downside could find support around 0.8565. A break to the upside could find resistance around 0.8665, 0.8695 and 0.8705.

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 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 Governor of the BOE will speak at 1430 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, price has reversed around 1.2160.

The EURUSD was up-trending but is now looking indecisive. Price action has formed a horizontal channel at 1.2165-1.2240. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the downside may stall or reverse around the horizontal levels at 1.2125 and 1.2060.

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 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.

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

GBPUSD

GBPUSD 1 Hour Chart

Price has reversed around 1.4215, as suggested in our last chart analysis.

The GBPUSD has become indecisive, just like other FX pairs. Price is currently ranging between 1.4105 and 1.4215. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the downside could find support around 1.4015.

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.

The Governor of the BOE will speak at 1430 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, USDCAD reversed around the trend resistance area.

Price has since become indecisive and is lacking trend direction. The moving averages have been crossing frequently – confirming the indecision. USDCAD is ranging between 1.2025 and 1.2135.

Trading opportunities could exist around the support and resistance areas of the range, around the trend resistance area and if price moves out of the range (break-out trade). A break to the upside may find resistance around 1.2190 and 1.2270.

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.

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

USDCHF 

USDCHF 1 Hour Chart

USDCHF reversed around the previous bearish channel resistance area (as support), as suggested in our last chart analysis.

Price has since become indecisive, just like most other USD pairs. USDCHF is ranging between 0.8965 and 0.9040.

Trading opportunities may exist around the support and resistance areas of the range and if USDCHF moves out of the range (break-out trade). A break to the upside could find resistance around 0.9090.

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.

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.

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

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price reversed around 108.60.

USDJPY has become indecisive and is ranging between 108.60 and 109.25. The moving averages are bearish and steady, signalling that price may attempt a bearish move.

Trading opportunities could exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the downside may find support around 108.45. A break to the upside may find resistance around 109.45 and 109.70.

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 Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been reversing around the moving averages, as suggested in our last chart analysis.

GOLD has been 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, signalling that the uptrend could continue. Price is starting to lack momentum though, suggesting a potential range or retrace move. GOLD could start ranging between 1856 and 1889.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around 1842 and 1811.

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