TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 10, 2021
Previous analysis… https://analysis.tfxi.com/2021/06/09/triumphfx-intraday-forex-analysis-1-hour-charts-june-09-2021/
AUDUSD
As suggested in our last chart analysis, the AUDUSD has been moving sideways.
Price continues to be indecisive. The moving averages are moving sideways and have been crossing frequently – confirming the current indecision. The AUDUSD is also indecisive on higher time-frames.
Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7645, 0.7680, 0.7715, 0.7765, 0.7780 and 0.7790.
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.
US CPI figures will be released at 1230 UTC today.
EURGBP
The EURGBP has been bullish.
Price continues to be indecisive and lack trend momentum. The moving averages confirm the indecision – they have been crossing frequently. The EURGBP is slightly bearish on higher time-frames, suggesting a potential downside move.
Trading opportunities may exist around the diagonal resistance area and around any of the identified horizontal levels at 0.8570, 0.8580, 0.8590, 0.8635, 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 ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC.
EURUSD
As suggested in yesterday’s analysis, price reversed around 1.2215.
The EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are currently moving sideways.
Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2105, 1.2135, 1.2150, 1.2200, 1.2215, 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.
The ECB will release a monetary policy statement at 1145 UTC today. This is followed by a press conference at 1230 UTC. US CPI figures will be released at 1230 UTC.
GBPUSD
Price closed below the horizontal channel support area and is now finding support around 1.4100, as suggested in yesterday’s analysis.
The GBPUSD continues to be indecisive. Price is below the recent horizontal channel support area, suggesting a potential bearish move. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.4085, 1.4100, 1.4120, 1.4190, 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.
US CPI figures will be released at 1230 UTC today.
USDCAD
USDCAD has been moving sideways.
Price continues to move within the large horizontal channel at 1.2020-1.2135. The moving averages have been crossing frequently – confirming the market indecision.
Trading opportunities could exist around the support and resistance areas of the channel and if USDCAD 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.
US CPI figures will be released at 1230 UTC today.
USDCHF
USDCHF continues to be indecisive.
Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.
Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8930, 0.8935, 0.8955, 0.9005, 0.9020, 0.9030 and 0.9050.
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.
US CPI figures will be released at 1230 UTC today.
USDJPY
Price has been moving sideways, as suggested in yesterday’s analysis.
USDJPY continues to be indecisive, just like other USD pairs.
Trading opportunities could exist around the moving averages and around the horizontal levels at 108.60, 109.00, 109.20, 109.30, 109.85, 110.20 and 110.30.
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.
US CPI figures will be released at 1230 UTC today.
XAUUSD
As suggested in yesterday’s chart analysis, price has been finding support around 1883.
GOLD continues to be indecisive and lack trend direction.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1856, 1883, 1901, 1909 and 1915.
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