TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 02, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/01/triumphfx-intraday-forex-analysis-1-hour-charts-june-01-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been moving sideways.

AUDUSD continues to be indecisive and lack 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 0.7680, 0.7715, 0.7765, 0.7780, 0.7790 and 0.7810.

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 reversed around 0.8645, as suggested in yesterday’s chart analysis.

EURGBP continues to lack trend momentum and be indecisive. The moving averages confirm the current indecision – they have been crossing frequently. Price is slightly bearish on higher time-frames, signalling a potential downside move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8565, 0.8580, 0.8585, 0.8610, 0.8620, 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.

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

EURUSD

EURUSD 1 Hour Chart

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

Price continues to be indecisive, just like other USD pairs. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. EURUSD is starting to look indecisive on higher time-frames also, providing no clear indication of future price direction.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2135, 1.2165, 1.2245 and 1.2260. If price closes above 1.2260, EURUSD could attempt a bullish move higher.

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 has been bearish.

Price was showing signs of a potential uptrend but is now looking indecisive. The moving averages confirm the market indecision – they are tightening and moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.4015, 1.4100, 1.4120, 1.4140, 1.4215 and 1.4240.

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 analysis, price has reversed around the horizontal channel support area.

The USDCAD continues to be indecisive and move within the horizontal channel at 1.2020-1.2135. The moving averages have been crossing frequently and moving sideways, confirming the market indecision.

Trading opportunities may 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 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.

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

USDCHF 

USDCHF 1 Hour Chart

Price has reversed around 0.8945, as suggested in yesterday’s chart analysis.

The USDCHF continues to be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is down-trending on higher time-frames, signalling a potential downside move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8935, 0.8945, 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.

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, the USDJPY has been finding resistance around 109.70.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have crossed and are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 108.50, 108.60, 109.00, 109.25, 109.40, 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.

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

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish.

Price is clearly up-trending and is currently in a retrace move. GOLD has swung below the recent trend support area, suggesting that price may struggle to swing higher. The moving averages confirm this – they are tight and moving sideways.

Buying opportunities could exist around the horizontal support levels at 1889, 1872, 1856 and 1842. A bullish move may be rejected or reverse around the previous trend support area (as resistance), around the moving averages and around the recent swing high at 1915.

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