TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 22, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/18/triumphfx-intraday-forex-analysis-1-hour-charts-june-17-2021-2/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has been bearish and has swung lower.

AUDUSD is clearly down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages and around the horizontal level at 0.7540. A bearish move could be rejected or reverse around the recent lows at 0.7480.

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 1800 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the bearish channel resistance area, as suggested in our last analysis.

EURGBP is down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is moving within a bearish channel. The moving averages continue to cross frequently, suggesting market indecision.

Shorting opportunities could exist around the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 0.8595 and 0.8620. A bearish move may find support around the diagonal support area, around the bearish channel support area and around the horizontal support levels at 0.8550 and 0.8545.

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, EURUSD was bearish.

Price is clearly down-trending and is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend could continue. EURUSD could start ranging between 1.1850 and 1.1920.

Opportunities to go short may exist around the longer-term moving average, around the potential range resistance at 1.1920, around any of the key Fib levels and around the trend resistance area. A bearish move could stall or reverse around the shorter-term moving average and around the potential range support at 1.1850.

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 1800 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has reversed around the longer-term moving average, as suggested in our last chart analysis.

Price is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downside direction may continue. GBPUSD is forming a potential inverted H&S pattern and price is up-trending on higher time-frames, suggesting a potential bullish move.

Selling opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.3940 and 1.4040. A bearish move may find support or even reverse around the shorter-term moving average and around the recent swing low at 1.3795.

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 Chair of the Federal Reserve will speak at 1800 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in Friday’s chart analysis, price has been bullish and has swung higher.

The USDCAD is up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the trend could continue. Price is around higher time-frame resistance though, signalling a potential bearish move.

Buying opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.2360 and 1.2200. A bullish move could find resistance around the shorter-term moving average and around the recent highs at 1.2470.

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.

The Chair of the Federal Reserve will speak at 1800 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has been bullish, as suggested in Friday’s chart analysis.

The USDCHF is in a retrace move. The moving averages are bullish and steady, signalling that price may attempt to swing higher.

Long opportunities could exist around the longer-term moving average and around any of the key Fib levels. A bullish move may find resistance around the shorter-term moving average and around the recent swing high at 0.9230.

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.

The Chair of the Federal Reserve will speak at 1800 UTC today.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been moving sideways.

Price is currently bullish but overall continues to be indecisive. The moving averages confirm the market indecision – they are moving sideways. The USDJPY is ranging between 109.80 and 110.75.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (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 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.

The Chair of the Federal Reserve will speak at 1800 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, GOLD has been bearish.

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, suggesting that the downtrend may continue. Current price action is looking a little indecisive – GOLD may start ranging between 1761 and 1794.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may find resistance around the trend resistance area. Selling opportunities could exist around the moving averages.

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