TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 11, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/10/triumphfx-intraday-forex-analysis-1-hour-charts-june-10-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price was rejected around 0.7715 and 0.7765.

AUDUSD is currently bullish. Price has swung above the recent consolidation area, suggesting a potential uptrend. The moving averages are still signalling market indecision – they are moving sideways.

Trading opportunities may exist around the moving averages and around the identified horizontal levels at 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.

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

EURGBP

EURGBP 1 Hour Chart

Price reversed around 0.8580, 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 and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8570, 0.8580, 0.8640 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 0830 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD was rejected around 1.2150.

Price continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways, confirming the current indecision.

Trading opportunities may exist around any of 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.

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

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has reversed around 1.4085 and 1.4190, as suggested in yesterday’s chart analysis.

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 could exist around the moving averages and around the horizontal levels at 1.4085, 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.

The Governor of the BOE will speak at 0830 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price has been moving sideways, as suggested in yesterday’s chart analysis.

The USDCAD continues to move within a large horizontal channel at 1.2020-1.2135. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the channel and if the 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.

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

USDCHF 

USDCHF 1 Hour Chart

Price has been bearish.

The USDCHF has formed a short series of lower swing lows and lower swing highs, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and steady.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8955, 0.8970 and 0.9005. A bearish move may stall or reverse around the recent lows at 0.8930.

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 that will directly impact this currency pair today.

USDJPY

USDJPY 1 Hour Chart

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

Price continues to be indecisive. Price action has formed a horizontal channel at 109.30-109.65 and the USDJPY is moving within the channel. The moving averages confirm the indecision – they are tight and moving sideways.

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 downside could find support around 109.00 and 108.60. A break to the upside could find resistance around 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.

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

XAUUSD

XAUUSD 1 Hour Chart

GOLD is finding resistance around 1901, as suggested in our last chart analysis.

Price is indecisive and lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1873, 1883, 1901, 1909 and 1915.

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