TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 23, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/22/triumphfx-intraday-forex-analysis-1-hour-charts-june-22-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bullish.

Price has been down-trending and is currently in a retrace move. The retrace move has formed a bullish channel. The moving averages are tightening and starting to move sideways, suggesting that the AUDUSD may struggle to swing lower.

Opportunities to go short could exist around the bullish channel resistance area and around the previous horizontal support levels at 0.7645 and 0.7675. A bearish move may be rejected or reverse around the moving averages, around the bullish channel support area and around the horizontal support levels at 0.7500 and 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.

US PMI figures will be released at 1345 UTC today.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP reversed around the moving averages and has been bearish.

Price is down-trending within a bearish channel and is currently finding support around 0.8550 (as also suggested in yesterday’s analysis). The moving averages are bearish and the EURGBP is bearish on higher time-frames, all signalling that the trend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 0.8580, 0.8595 and 0.8620. A bearish move could find support around the horizontal support levels at 0.8550 and 0.8545 and around the bearish channel support area.

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.

German PMI figures will be announced at 0730 UTC today.

EURUSD

EURUSD 1 Hour Chart

Price has been bullish.

The EURUSD continues to retrace after a major bearish move. The moving averages have crossed bullish and price is above the moving averages, suggesting that the downtrend may be over.

Selling opportunities could exist around any of the key Fib levels and around the trend resistance area. A bearish move may stall or reverse and become bullish around the dynamic support of the moving averages and around the horizontal levels at 1.1920 and 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.

German PMI figures will be announced at 0730 UTC today. US PMI figures will be released at 1345 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish and has been finding resistance around the 50.0% Fib level.

The GBPUSD is currently bullish and retracing the recent sell-off. The moving averages have crossed bullish and price is up-trending on higher time-frames, suggesting that the upward direction could continue.

Opportunities to go long may exist around the bullish moving averages, around the trend support area and around the horizontal support levels at 1.3865 and 1.3795. A bullish move could find resistance around the 50.0% and 61.8% Fib levels and around the horizontal levels at 1.4040, 1.4085, 1.4120 and 1.4190.

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 PMI figures will be released at 1345 UTC today.

USDCAD

USDCAD 1 Hour Chart

USDCAD found resistance around the shorter-term moving average and has since been bearish, as suggested in yesterday’s chart analysis.

Price action has formed a series of lower swing highs and lower swing lows – USDCAD is currently down-trending. The moving averages confirm the potential downside – they are crossing bearish. Price is also down-trending on higher time-frames.

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 1.2360, 1.2400 and 1.2470. A bearish move may find support around 1.2200 and 1.2160.

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 PMI figures will be released at 1345 UTC today.

USDCHF 

USDCHF 1 Hour Chart

USDCHF has been moving sideways.

Price is up-trending and is currently in a retrace move. The moving averages are tightening but still bullish, suggesting that USDCHF could swing higher.

Long opportunities may exist around any of the key Fib levels and around the previous horizontal resistance at 0.9050. A bullish move could be rejected or reverse around the diagonal resistance area and around the horizontal resistance levels at 0.9210 and 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.

US PMI figures will be released at 1345 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price found resistance around the range resistance area.

USDJPY has since been bullish and has broken above the consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 110.75, 110.45 and 109.80.

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 PMI figures will be released at 1345 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been moving sideways and is ranging, as suggested in our last analysis.

GOLD was down-trending but is now ranging between 1761 and 1794. The moving averages confirm the market indecision – they are tight and moving sideways.

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

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