TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 03, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/02/triumphfx-intraday-forex-analysis-1-hour-charts-june-02-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD reversed around 0.7715.

Price continues to be choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The AUDUSD is indecisive on higher time-frames also, providing no clear indication of future price direction.

Trading opportunities could exist around any of the identified 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.

A US services PMI figure will be released at 1400 UTC today.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been bearish and has been finding resistance around 0.8620, as suggested in yesterday’s chart analysis.

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

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.8565, 0.8580, 0.8585, 0.8600, 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, price reversed around 1.2165.

The EURUSD is indecisive, just like most other FX pairs. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2135, 1.2165, 1.2245 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 services PMI figure will be released at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has reversed around 1.4120, as suggested in yesterday’s chart analysis.

The GBPUSD continues to be indecisive and lack trend momentum. The moving averages continue to move sideways and cross frequently – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.4100, 1.4120, 1.4140, 1.4180, 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.

A US services PMI figure will be released at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

USDCAD is moving sideways.

Price continues to be indecisive, just like other USD pairs. USDCAD is moving within a large horizontal channel at 1.2020-1.2135. The moving averages confirm the market indecision – they have been crossing frequently.

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 services PMI figure will be released at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in our last analysis, USDCHF reversed around 0.9030.

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. USDCHF is down-trending on higher time-frames, signalling a potential bearish move.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8935, 0.8945, 0.8955, 0.9020, 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 services PMI figure will be released at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been moving sideways.

USDJPY continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 109.00, 109.25, 109.40, 109.85 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 services PMI figure will be released at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, price has reversed around the previous trend support area, as resistance.

GOLD was up-trending but is currently looking indecisive – price is moving sideways and has formed a horizontal channel at 1889-1915. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if GOLD moves out of the channel (break-out trade). A break to the downside could find support around 1872 and 1856. Trading opportunities may also exist around the diagonal support and resistance area.

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