TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 26, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/25/triumphfx-intraday-forex-analysis-1-hour-charts-may-25-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD reversed around the range resistance area.

Price has since been bullish and has closed above the range resistance area, signalling a potential uptrend. The moving averages have crossed bullish and price action has formed a bullish channel – confirming the potential upside.

Opportunities to go long could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.7780, 0.7740 and 0.7715. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal levels at 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 the moving averages and has been bullish, as suggested in yesterday’s chart analysis.

Price is up-trending and is currently in a retrace move. The moving averages are bullish and widening, suggesting that the upside direction could continue.

Long opportunities may exist around the moving averages and around the horizontal levels at 0.8645, 0.8620 and 0.8585. A bullish move could stall o reverse around the horizontal resistance levels at 0.8670 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

Price has been bullish.

The EURUSD is above the recent horizontal channel resistance area, suggesting that the recent uptrend may now continue. The moving averages confirm this – they are bullish and widening.

Buying opportunities could exist around the moving averages and around the horizontal levels at 1.2240, 1.2165 and 1.2125. A bullish move may find resistance around the recent highs at 1.2260.

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

As suggested in our last chart analysis, price has been reversing around the horizontal channel support and resistance areas.

The GBPUSD 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 moving within a horizontal channel at 1.4105-1.4215.

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

USDCAD has been finding resistance around the diagonal resistance area, as suggested in our last chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the diagonal resistance area and around any of 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

As suggested in our last analysis, USDCHF closes below 0.8960 and formed a bearish move lower.

Price has been indecisive but is now down-trending again. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Opportunities to go short may exist around the moving averages, around the trend resistance area and around the horizontal levels at 0.8990, 0.9040 and 0.9090. A bearish move could be rejected or reverse around the recent lows at 0.8935.

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

Price has reversed around 108.60 and 109.00, as suggested in our last chart analysis.

USDJPY is indecisive and moving sideways. Price is ranging between 108.60 and 109.00. The moving averages confirm the market indecision – they are tightening. USDJPY is also indecisive on higher time-frames.

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 upside may find resistance around 109.25, 109.45 and 109.70. A break to the downside may find support around 108.50.

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

As suggested in yesterday’s chart analysis, price closed above the range resistance area and has since been bullish.

GOLD 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 widening, signalling that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1889, 1856 and 1842. A bullish move could find resistance around the bullish channel resistance area.

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