TriumphFX Intraday Forex Analysis – 1 Hour Chart – July 06, 2021


Previous analysis… https://analysis.tfxi.com/2021/07/05/triumphfx-intraday-forex-analysis-1-hour-charts-july-05-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bullish.

Price is still looking though and is still moving within a consolidation area. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of 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.

A US services PMI figure will be released at 1400 UTC today.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP closes below the range support area and has since been bearish.

Price has swung below the recent consolidation area and the moving averages have become bearish, all suggesting that the EURGBP could start down-trending.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.8570 and 0.8610. A bearish move could stall or reverse around the horizontal support levels at 0.8545 and 0.8535.

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 bullish.

The EURUSD is starting to become indecisive again – price is back within the consolidation area and the moving averages are tightening and moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1820, 1.1880, 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 services PMI figure will be released at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher.

The GBPUSD is forming a higher swing high after breaking above a bearish channel, all suggesting a potential uptrend. The moving averages have crossed bullish – confirming the potential upside.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 1.3865 and 1.3795. A bullish move could be rejected or reverse around the horizontal levels at 1.3935, 1.4000 and 1.4040.

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.

A US services PMI figure will be released at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

USDCAD reversed around 1.2365, as suggested in our last chart analysis.

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

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2200, 1.2260, 1.2275, 1.2310, 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.

A US services PMI figure will be released at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in our last analysis, USDCHF has been finding resistance around the moving averages and around 0.9230 and 0.9195.

Price continues to be indecisive and lack trend direction. The moving averages confirm the indecision – they have been crossing frequently.

Trading opportunities may 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.

A US services PMI figure will be released at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price is finding support around the bullish channel support area, as suggested in yesterday’s chart analysis.

USDJPY is up-trending within a bullish channel. The moving averages have crossed bearish, suggesting that price may struggle to swing higher.

Long opportunities could exist around the bullish channel support area and around the horizontal levels at 110.70 and 110.45. A bullish move may be rejected or reverse around the moving averages and around the recent swing high at 111.65.

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 services PMI figure will be released at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last analysis, price closed above the horizontal channel resistance area and has since been bullish.

GOLD is above the recent consolidation area, suggesting a potential uptrend. The moving averages are bullish and steady, confirming the potential upside. Price is also up-trending on higher time-frames, adding confidence to an upside move.

Buying opportunities may exist around the dynamic support of the moving averages and around the previous horizontal channel resistance area at 1794. A bullish move could find resistance around 1848 and 1867.

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