TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 14, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/11/triumphfx-intraday-forex-analysis-1-hour-charts-june-11-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, the AUDUSD reversed around 0.7765.

Price has since been bearish but continues to look indecisive. The moving averages continue to be tight and cross frequently – confirming the indecision. Price action is forming a potential inverted head and shoulder pattern on higher time-frames, signalling a potential bullish move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7645, 0.7680, 0.7695, 0.7720, 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

The EURGBP reversed around 0.8570, as suggested in Friday’s chart analysis.

Price continues to be indecisive. The moving averages have been crossing frequently – confirming the market indecision. Price action has formed a horizontal channel at 0.8570-0.8640. EURGBP is slightly bearish on higher time-frames, suggesting a break to the downside.

Trading opportunities may exist around the support and resistance areas of the channel and if the EURGBP moves out of the channel (break-out trade).

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 that will directly impact this currency pair today.

EURUSD

EURUSD 1 Hour Chart

Price has been bearish.

The EURUSD has formed a large bearish move and is currently in a retrace phase. Price has swung below the recent consolidation area, suggesting the start of a potential downtrend. The moving averages confirm this – they are bearish and steady.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.2135, 1.2150, 1.2200 and 1.2215. A bearish move may be rejected or reverse around the recent lows at 1.2095.

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

As suggested in Friday’s chart analysis, price is finding support around 1.4085.

The GBPUSD is indecisive and has formed a horizontal channel at 1.4085-1.4190. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities may exist around the support and resistance areas of the channel and if the GBPUSD moves out of the channel (break-out trade). A break to the upside could find resistance around 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 that will directly impact this currency pair today.

USDCAD

USDCAD 1 Hour Chart

USDCAD closed above the range resistance area and has since been bullish, as suggested in yesterday’s chart analysis.

Price is above the recent consolidation area, signalling a potential uptrend. The moving averages are bullish and steady and price action has formed a bullish channel – confirming the potential upside.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2130, 1.2120, 1.2085 and 1.2060. A bullish move may find resistance around the bullish channel resistance area.

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

USDCHF has been bullish.

Price is looking indecisive again. The moving averages confirm the market indecision – they have been crossing frequently. USDCHF is also looking indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8930, 0.8935, 0.8970, 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.

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

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price has reversed around 109.85.

USDJPY continues to be indecisive and lack trend direction. Price action has formed a bullish channel though, suggesting potential upside.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bullish channel and around any of the horizontal levels at 108.65, 109.00, 109.20, 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

Price reversed around 1901 and is now finding support around 1856, as suggested in our last chart analysis.

GOLD continues to be indecisive. The recent bearish move could be an indication of future price direction though. The moving averages confirm this – they are bearish and steady.

Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal levels at 1875 and 1883. Price could continue to find support around 1858.

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