TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 29, 2021


Previous analysis… https://analysis.tfxi.com/2021/06/28/triumphfx-intraday-forex-analysis-1-hour-charts-june-28-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, the AUDUSD has found support around the trend support area.

Price has been showing signs of bullish momentum but is now starting to look indecisive. The moving averages confirm the potential indecision – they are tightening and moving sideways.

Trading opportunities could exist around the moving averages, around the trend support area and around any of the horizontal levels at 0.7480, 0.7500, 0.7540, 0.7610 and 0.7675.

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

The EURGBP has reversed around the range resistance area, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and range between 0.8535 and 0.8600. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). A break to the upside could find resistance around 0.8620 and 0.8640.

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

Price has been bearish.

The EURUSD continues to look indecisive, despite the slight bearish move. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1850, 1.1885, 1.1975 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

As suggested in yesterday’s chart analysis, price has been finding support around 1.3865.

The GBPUSD continues to look indecisive. Recent price action has been bearish though and price has formed a bearish channel, suggesting potential downside. The moving averages confirm this – they have crossed bearish and are widening.

Opportunities to go short may exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.3935, 1.4000 and 1.4040. A bearish move could stall or reverse around the channel support area and around the horizontal support levels at 1.3865 and 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.

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

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been bullish.

Price continues to be indecisive and lack trend momentum. The moving averages are tight and moving sideways – confirming the indecision. The USDCAD is forming a higher swing high after a higher swing low, suggesting a potential bullish move.

Opportunities to go long could exist around the moving averages, around the trend support area and around the horizontal levels at 1.2275, 1.2255 and 1.2200. A bullish move may be rejected or reverse around the horizontal levels at 1.2360, 1.2400 and 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.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in our last analysis, the USDCHF found resistance around 0.9210.

Price continues to be indecisive and lack trend direction. The USDCHF is ranging between 0.9145 and 0.9210. The moving averages are tight and moving sideways, confirming the market indecision.

Trading opportunities may 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 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

Price has been moving sideways, as suggested in our last chart analysis.

The USDJPY is indecisive and is lacking trend momentum. Price is currently ranging between 110.50 and 111.05. The moving averages confirm the market indecision – they are moving sideways.

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

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

XAUUSD

XAUUSD 1 Hour Chart

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

GOLD continues to be indecisive and move within the horizontal channel at 1761-1794. The moving averages confirm the market indecision – they are tight and crossing frequently.

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

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