TriumphFX Intraday Forex Analysis – 1 Hour Charts – July 05, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/01/triumphfx-intraday-forex-analysis-1-hour-charts-july-01-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

AUDUSD has moved back into the consolidation area and is looking indecisive again. The moving averages confirm the indecision – they are tightening and moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.7450, 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.

The RBA will release a rate statement at 0400 UTC tomorrow. This is followed by a RBA speech at 0600 UTC.

EURGBP

EURGBP 1 Hour Chart

Price broke above the range resistance area but has since been bearish.

EURGBP continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is now ranging between 0.8570-0.8610.

Trading opportunities could exist around the support and resistance areas of the range and if EURGBP moves out of the range (break-out trade). A break to the downside may find support around 0.8545 and 0.8535. A break to the upside may find resistance around 0.8620.

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 chart analysis, EURUSD has been bearish and has found resistance around the longer-term moving average.

Price is down-trending and is currently in a retrace move. The moving averages are starting to tighten and move sideways though, signalling market indecision – EURUSD could start moving sideways.

Selling opportunities may exist around the longer-term moving average and around the horizontal levels at 1.1880, 1.1920 and 1.1975. A bearish move could be rejected or reverse around the shorter-term moving average and around the recent lows at 1.1820.

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 has been bullish, as suggested in our last chart analysis.

Price was down-trending within a tight bearish channel but GBPUSD has swung above the channel resistance area, suggesting a potential uptrend. The moving averages are moving sideways and tightening, signalling market indecision.

Buying opportunities could exist around the dynamic support of the moving averages, around the previous bearish channel resistance area (as support) and around the horizontal support levels at 1.3795 and 1.3740. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.3865, 1.3935 and 1.4000.

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

Price has been bearish.

The USDCAD has become indecisive again. The moving averages confirm the current indecision – they are tightening and moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2200, 1.2260, 1.2275, 1.2365, 1.2420, 1.2445 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

Price has been bearish.

The USDCHF may be up-trending and in a retrace move. Price is also looking indecisive though – the USDCHF may move sideways. The moving averages confirm the market indecision – they are tightening and moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9145, 0.9195, 0.9230 and 0.9270.

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 our last chart analysis, the USDJPY reversed around the bullish channel resistance area.

Price is up-trending and is currently in a retrace move. The moving averages are bullish, suggesting that the uptrend could continue. The USDJPY is around a key resistance on higher time-frames, signalling a potential bearish move.

Long opportunities may exist around the bullish channel support area and around the horizontal levels at 110.95, 110.700 and 110.45. A bullish move could be rejected or reverse around the moving averages, around the recent swing high at 111.65 and around the bullish channel resistance area.

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 has been finding resistance around the range resistance area, as suggested in yesterday’s chart analysis.

Price is indecisive and lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside may find resistance around 1848.

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