TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 25, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/24/triumphfx-intraday-forex-analysis-1-hour-charts-may-24-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, price reversed around the range support area.

AUDUSD continues to be indecisive and move sideways. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is ranging between 0.7715 and 0.7780.

Trading opportunities may exist around the support and resistance areas of the range and if AUDUSD moves out of the range (break-out trade). A break to the upside could stall or reverse around 0.7810, 0.7825, 0.7855 and 0.7885. A break to the downside could stall or reverse around 0.7685.

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

Price has been bullish.

EURGBP broke the range resistance area and has formed a higher swing high, signalling a potential uptrend. The moving averages are still tight and moving sideways though, suggesting market indecision.

Buying opportunities could exist around the moving averages and around the horizontal support levels at 0.8585 and 0.8565. A bullish move may be rejected or reverse around the horizontal levels at 0.8645, 0.8665 and 0.8695.

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.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD is ranging.

Price is moving sideways and has formed a horizontal channel at 1.2165-1.2240. The moving averages are tight and moving sideways – confirming the market indecision.

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

GBPUSD reversed around the range support area, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and move sideways. Price action has formed a horizontal channel at 1.4105-1.4215 and GBPUSD is moving within the channel. The moving averages have been crossing frequently – confirming the indecision.

Trading opportunities could 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 may find support around 1.4015 and 1.3925.

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.

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

USDCAD

USDCAD 1 Hour Chart

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

The USDCAD is indecisive and is lacking trend direction. Price is looking choppy and has formed multiple ranges. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. If the USDCAD moves below 1.2025, price could attempt a bearish move lower.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2025, 1.2090, 1.2135 and 1.2190.

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

Price has been finding support around the range support area, as suggested in our last chart analysis.

The USDCHF is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are moving sideways. Price action has formed multiple ranges.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8960, 0.8990, 0.9040 and 0.9090. If the USDCHF closes below 0.8960, price may attempt a bearish move lower.

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 yesterday’s chart analysis, the USDJPY has been bearish.

Price is choppy and indecisive. The USDJPY has formed a number of tight ranges. The moving averages are bearish and steady, signalling that price could attempt a bearish move.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 108.50, 108.60, 109.00, 109.25 and 109.45.

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

GOLD has been finding resistance around 1889, as suggested in yesterday’s chart analysis.

Price 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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