TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 01, 2021
Previous analysis… https://analysis.tfxi.com/2021/06/30/triumphfx-intraday-forex-analysis-1-hour-charts-june-30-2021/
AUDUSD
The AUDUSD has been bearish.
Overall, price continues to be indecisive, despite the recent bearish move. The AUDUSD is testing the consolidation support at 0.7480. If price moves below this area, the AUDUSD may start down-trending. The moving averages confirm the potential downside – they are bearish and widening.
Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7500, 0.7540 and 0.7610. Price may continue to find support around 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.
A US manufacturing PMI figure will be released at 1400 UTC today.
EURGBP
As suggested in our last chart analysis, the EURGBP has been finding support around 0.8570.
Price continues to be indecisive. The moving averages confirm the market indecision – they are tightening and moving sideways. The EURGBP is ranging between 0.8570 and 0.8605.
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 downside could find support around 0.8535. 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.
The Governor of the BOE will speak at 0800 UTC today.
EURUSD
Price has been bearish.
The EURUSD has swung below the recent consolidation area, suggesting a potential downtrend. The moving averages confirm the potential trend – they are bearish and widening.
Shorting opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.1850, 1.1885, 1.1920 and 1.1975.
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.
A US manufacturing PMI figure will be released at 1400 UTC today.
GBPUSD
As suggested in our last chart analysis, price reversed around the bearish channel resistance area and has been bearish.
The GBPUSD is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue. Price is up-trending on higher time-frames though, suggesting a potential bullish move.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3865, 1.3935 and 1.4000. A bearish move could stall or reverse around the recent lows at 1.3795 and around the channel support area.
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 Governor of the BOE will speak at 0800 UTC today. A US manufacturing PMI figure will be released at 1400 UTC.
USDCAD
As suggested in yesterday’s chart analysis, USDCAD has been finding support around the shorter-term moving average.
Price is up-trending. The moving averages are bullish and widening, suggesting that the upside direction may continue.
Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2355, 1.2340, 1.2275 and 1.2255. A bullish move may find resistance around 1.2420 and around 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.
A US manufacturing PMI figure will be released at 1400 UTC today.
USDCHF
USDCAD has been bullish.
Price has swung above the recent consolidation area, suggesting a potential uptrend. The moving averages confirm this – they are bullish and widening.
Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.9230, 0.9210 and 0.9145.
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.
A US manufacturing PMI figure will be released at 1400 UTC today.
USDJPY
Price has been bullish.
USDJPY has swung above the recent consolidation area and is forming a higher swing high, all suggesting that price is up-trending again. The moving averages are crossing bullish – confirming the uptrend.
Buying opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 111.05, 110.95, 110.70 and 110.45.
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.
A US manufacturing PMI figure will be released at 1400 UTC today.
XAUUSD
As suggested in yesterday’s chart analysis, price found support around 1754.
GOLD is looking indecisive again and has formed a new horizontal channel at 1754-1794. The moving averages confirm the current indecision – they have been crossing frequently 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). A break to the upside could find resistance around 1848.
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