TriumphFX Intraday Forex Analysis – 1 Hour Charts – May 27, 2021
Previous analysis… https://analysis.tfxi.com/2021/05/26/triumphfx-intraday-forex-analysis-1-hour-charts-may-26-2021/
AUDUSD
Price has been bearish.
AUDUSD has become indecisive again and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is also indecisive on higher time-frames.
Trading opportunities may exist around the moving averages and around the horizontal levels at 0.7695, 0.7715, 0.7735, 0.7780, 0.7790, 0.7810, 0.7825 and 0.7855.
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.
A US GDP figure will be released at 1230 UTC today.
EURGBP
As suggested in yesterday’s chart analysis, price has been finding support around the longer-term moving average.
EURGBP is up-trending and is in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue.
Buying opportunities could exist around the longer-term moving average and around the horizontal levels at 0.8630, 0.8620 and 0.8585. A bullish move may find resistance around the shorter-term moving average and around the horizontal resistance levels at 0.8645, 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 has been bearish.
Price was showing signs of a potential uptrend but is now looking indecisive again. The moving averages confirm the current indecision – they are tight and moving sideways.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2060, 1.2125, 1.2165, 1.2240 and 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.
A US GDP figure will be released at 1230 UTC today.
GBPUSD
As suggested in our last chart analysis, GBPUSD has been finding support around the horizontal channel support area.
Price continues to be indecisive and move within a horizontal channel at 1.4000-1.4215. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.
Trading opportunities could exist around the support and resistance areas of the channel and if GBPUSD moves out of the channel (break-out trade). A break to the downside may find support around 1.4015 and 1.3915.
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.
A US GDP figure will be released at 1230 UTC today.
USDCAD
Price reversed off 1.2135, as suggested in our last chart analysis.
The USDCAD continues to be indecisive and lack trend direction. Price action has formed a large horizontal channel at 1.2025-1.2135 and price is moving within the channel. The moving averages confirm the market indecision – they have been crossing frequently.
Trading opportunities may exist around the support and resistance areas of the channel and if the USDCAD moves out of the channel (break-out trade). A break to the upside could find resistance around 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.
A US GDP figure will be released at 1230 UTC today.
USDCHF
As suggested in yesterday’s chart analysis, price has been finding resistance around the trend resistance area.
The USDCHF has been down-trending but is now looking indecisive, just like other USD pairs. Price is currently ranging between 0.8935 and 0.8990. The moving averages are tight and moving sideways, confirming the market indecision.
Trading opportunities could exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A break to the upside may find resistance around 0.9040 and 0.9090. Trading opportunities could also exist around the trend resistance area.
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.
A US GDP figure will be released at 1230 UTC today.
USDJPY
The USDJPY closed above the range resistance area and has since been bullish, as suggested in yesterday’s chart analysis.
Price action is showing signs of bullish momentum, but overall the USDJPY still looks indecisive. The moving averages have crossed bullish, confirming the potential upside.
Trading opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 108.50, 108.60, 109.00, 109.25, 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.
A US GDP figure will be released at 1230 UTC today.
XAUUSD
As suggested in yesterday’s chart analysis, GOLD reversed around the bullish channel resistance area.
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, signalling that the upside may continue. GOLD is moving within a bullish channel.
Long opportunities could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1889, 1856 and 1842. A bullish move may be rejected or reverse around the recent highs at 1909 and the bullish channel resistance area.
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