TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 24, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/23/triumphfx-intraday-forex-analysis-1-hour-charts-june-23-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the moving averages.

AUDUSD continues to retrace the recent sell-off. The moving averages have crossed bullish and are steady, suggesting that the retrace move could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7500 and 0.7480. A bullish move could stall or reverse around any of the horizontal levels at 0.7600, 0.7645, 0.7675 and 0.7720.

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 today that will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

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

EURGBP is down-trending and moving within a bearish channel. The moving averages are bearish and steady, signalling that the trend may continue. Price is also down-trending on higher time-frames.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8580, 0.8595 and 0.8620. A bearish move may be rejected or reverse around the recent lows at 0.8540 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.

The BOE will release a monetary policy summary and asset purchase facility at 1100 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, EURUSD reversed around the 38.2% Fib level.

Recent price action has been sideways – EURUSD could becoming indecisive. The moving averages confirm the potential indecision – they are tight and moving sideways.

Trading opportunities may exist around the moving averages, around any of the key Fib levels, around the diagonal resistance area and around the horizontal levels at 1.1855, 1.1885, 191920, 1.1970 and 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 today that will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD reversed off the 61.8% Fib level, as suggested in our last chart analysis.

Price action has formed a short series of higher swing highs and higher swing lows – GBPUSD is currently up-trending. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Long opportunities could exist around the dynamic support of the moving averages and around the horizontal support levels at 1.3865 and 1.3795. A bullish move may be rejected or reverse around the 61.8% Fib level and around the horizontal levels at 1.4000, 1.4040 and 1.4120.

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 BOE will release a monetary policy summary and asset purchase facility at 1100 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price is finding resistance around the shorter-term moving average.

The USDCAD is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may 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 could find support around 1.2255, 1.2200, 1.2160 and 1.2135.

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 today that will directly impact this currency pair.

USDCHF 

USDCHF 1 Hour Chart

Price has been moving sideways.

The USDCHF has become indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they are tight and moving sideways. Price could start ranging between 0.9155 and 0.9210.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A break to the upside could find resistance around 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.

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

USDJPY

USDJPY 1 Hour Chart

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

Price is forming a higher swing higher and has recent swung above a consolidation area, all suggesting a potential uptrend. The moving averages confirm this – they are bullish and widening.

Opportunities to go long could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 110.75 and 110.45. A bullish move may find resistance around 111.05.

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 today that will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed around the range resistance area, as suggested in our last analysis.

Price is indecisive and is 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 GOLD moves out of the range (break-out trade).

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