TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 4, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/03/triumphfx-intraday-forex-analysis-1-hour-charts-june-03-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price found support around 0.7715.

AUDUSD has since been bearish. Price has swung below the recent consolidation area, suggesting a potential downtrend. The moving averages confirm this – they are bearish and widening.

Opportunities to go short may exist around the moving averages and around the horizontal levels at 0.7680, 0.7715 and 0.7755.

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.

The Chair of the Federal Reserve will speak at 1100 UTC today. US non-farm employment change, unemployment rate and average hourly earnings will be released at 1230 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been finding support around 0.8585, as suggested in our last chart analysis.

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

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8580, 0.8590, 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

EURUSD has been bearish.

Price has swung below the recent consolidation area, suggesting a potential downtrend. The moving averages have crossed bearish and are widening – confirming the potential downside.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.2135, 1.2165, 1.2210 and 1.2245.

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.

The Chair of the Federal Reserve will speak at 1100 UTC today. US non-farm employment change, unemployment rate and average hourly earnings will be released at 1230 UTC.

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