TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 01, 2021


Previous analysis… https://analysis.tfxi.com/2021/05/27/triumphfx-intraday-forex-analysis-1-hour-charts-may-27-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been indecisive, as suggested in our last chart analysis.

Price continues to move sideways and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and moving sideways. The AUDUSD is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7680, 0.7715, 0.7780, 07790, 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 manufacturing PMI figure will be released at 1400 UTC today.

EURGBP

EURGBP 1 Hour Chart

As suggested in our last chart analysis, the EURGBP has reversed around 0.8585.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8565, 0.8580, 0.8610, 0.8620, 0.8630, 0.8645 and 0.8670.

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 1500 UTC today.

EURUSD

EURUSD 1 Hour Chart

Price has reversed around 1.2125, as suggested in our last chart analysis.

The EURUSD continues to lack trend momentum and move sideways. The moving averages are also moving sideways and have been crossing frequently – confirming the market indecision. If price closes above the highs at 1.2260, the EURUSD may attempt a bullish move higher.

Trading opportunities could exist around the moving averages and around the horizontal levels at 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 manufacturing PMI figure will be released at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last analysis, price was finding support and resistance around the support and resistance areas of the horizontal channel.

The GBPUSD has since been bullish and has swung above the recent consolidation area – suggesting a potential uptrend. Price action has formed a short series of higher swing highs and higher swing lows and the moving averages are bullish and steady, all confirming the potential upside.

Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 1.4215, 1.4140, 1.4120 and 1.4100.

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 manufacturing PMI figure will be released at 1400 UTC today. The Governor of the BOE will speak at 1500 UTC.

USDCAD

USDCAD 1 Hour Chart

USDCAD reversed around the horizontal channel resistance area, as suggested in our last analysis.

Price is indecisive, just like most other USD pairs. The moving averages confirm the market indecision – they have been crossing frequently and moving sideways. USDCAD has formed a large horizontal channel at 1.2025-1.2135.

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).

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 manufacturing PMI figure will be released at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

USDCHF has been bullish.

Overall, price continues to look choppy and indecisive though. USDCHF is down-trending on higher time-frames, suggesting a potential bearish move.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8935, 0.8945, 0.8965, 0.9005, 0.9030 and 0.9040.

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 manufacturing PMI figure will be released at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

USDJPY has formed a swing higher and is now in a retrace move. The moving averages are tightening, suggesting market indecision again. Price is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages and around the horizontal levels at 108.50, 108.60, 109.00, 109.25, 109.70 and 110.20.

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 manufacturing PMI figure will be released at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price reversed around the bullish channel support area and has swung higher, as suggested in our last chart analysis.

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 steady, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 1910, 1889 and 1872.

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