TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 06, 2022


Previous analysis… https://analysis.tfxi.com/2022/06/03/triumphfx-intraday-forex-analysis-1-hour-charts-june-03-2022/

AUDUSD – Up-trending

AUDUSD 1 Hour Chart

As suggested in Friday’s analysis, the AUDUSD has been finding support around the trend support area.

Price is clearly up-trending – price action has been bullish and has formed a long series of higher swing highs and higher swing lows. AUDUSD is currently in a retrace phase after forming a swing higher. The moving averages are bullish and widening, signalling that the uptrend could continue. The major AUD news could cause a bearish move though and signal an end to the trend.

Opportunities to go long may exist around the trend support area and around the horizontal levels at 0.7150, 0.7125, 0.7115 and 0.7040. A bullish move could be rejected or reverse around the moving averages and around the horizontal resistance levels at 0.7220 and 0.7265.

The Reserve Bank of Australia (RBA) has increased rates by 0.25% to 0.35% – the first rate hike since November 2010. Further rate hikes may be necessary to combat rising inflation.

The Federal Reserve has raised the official funds rate by 0.50% – it’s second consecutive rate hike. The rate is currently set at 1.00%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates by an additional 0.50% over it’s next couple of meetings. The war in Ukraine and COVID lockdowns in China may impact US economic activity.

The RBA will release a rate statement and announce the official cash rate at 0430 UTC.

EURGBP – Bullish. Potential bearish move?

EURGBP 1 Hour Chart

The EURGBP has been bullish, as suggested in Friday’s chart analysis.

Price is currently in a retrace move after forming a higher swing high. The moving averages are bullish and widening, suggesting that the upside direction may continue. EURGBP is around a key resistance area on higher time-frames though and is down-trending on higher time-frames, suggesting that price may become bearish.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.8540, 0.8525, 0.8515 and 0.8495. A bullish move may stall or reverse around the recent swing high at 0.8585.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices – the UK and Europe possibly being the most impacted by rising inflation. Speculators and traders expect the ECB to raise interest rates in July and September of this year.

The Bank of England (BOE) have increased it’s official bank rate again by 0.25% – to 1.00%. This is the 4th consecutive rate hike by the BOE. Further rate hikes are expected. Post Brexit, Post COVID and the war in Ukraine are having a major impact on UK inflation and economic activity. Some economists are expecting the UK to enter recession by the end of 2022.

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

EURUSD – Indecision

EURUSD 1 Hour Chart

As suggested in our last chart analysis, price has been moving sideways.

The EURUSD is indecisive and is lacking trend momentum. The moving averages are crossing frequently and are moving sideways, confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.0545, 1.0605, 1.0640, 1.0680, 1.0760 and 1.0785.

The Federal Reserve has raised the official funds rate by 0.50% – it’s second consecutive rate hike. The rate is currently set at 1.00%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates by an additional 0.50% over it’s next couple of meetings. The war in Ukraine and COVID lockdowns in China may impact US economic activity.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices – the UK and Europe possibly being the most impacted by rising inflation. Speculators and traders expect the ECB to raise interest rates in July and September of this year.

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

GBPUSD – Market indecision

GBPUSD 1 Hour Chart

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

The GBPUSD is indecisive and has been moving sideways. The moving averages confirm the market indecision – they are tightening and are beginning to move sideways. Price is moving within a large range at 1.2470-1.2655.

Trading opportunities could exist around the support and resistance areas of the range, if the GBPUSD moves out of the range (break-out trade), around the moving averages and around the horizontal level at 1.2580. A break to the downside may find support around 1.2445 and 1.2335.

The Bank of England (BOE) have increased it’s official bank rate again by 0.25% – to 1.00%. This is the 4th consecutive rate hike by the BOE. Further rate hikes are expected. Post Brexit, Post COVID and the war in Ukraine are having a major impact on UK inflation and economic activity. Some economists are expecting the UK to enter recession by the end of 2022.

The Federal Reserve has raised the official funds rate by 0.50% – it’s second consecutive rate hike. The rate is currently set at 1.00%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates by an additional 0.50% over it’s next couple of meetings. The war in Ukraine and COVID lockdowns in China may impact US economic activity.

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

USDCAD – Down-trending

USDCAD 1 Hour Chart

As suggested in our previous analysis, USDCAD has reversed around the shorter-term moving average.

Price is clearly down-trending within a bearish channel. USDCAD is currently in a sideways retrace move. The moving averages are bearish and widening, signalling that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2595, 1.2620 and 1.2680. A bearish move could find support around 1.2560 and around the channel support area.

The Federal Reserve has raised the official funds rate by 0.50% – it’s second consecutive rate hike. The rate is currently set at 1.00%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates by an additional 0.50% over it’s next couple of meetings. The war in Ukraine and COVID lockdowns in China may impact US economic activity.

The Bank of Canada (BOC) has raised it’s interest rate by 0.50% to 1.00% – it’s second consecutive rate hike. The BOC are expecting economic indicators to continue to improve, though the war in Ukraine may have an impact on economic growth. Another rate increase is expected in the near future. Inflation targets continue to be a priority and the BOC expect inflation to continue to be elevated during 2022.

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

USDCHF – Market indecision. Clear horizontal channel

USDCHF 1 Hour Chart

USDCHF reversed around the horizontal channel resistance area, as suggested in our previous chart analysis.

Price is moving sideways and is indecisive. Price action has formed a horizontal channel at 0.9540-0.9645 and the USDCHF is clearly moving within the channel. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the upside may find resistance around 0.9695 and 0.9760.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bullish channel, 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 may find resistance around 0.9665, 0.9695 and 0.9760.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB will continue to keep ultra-loose monetary policy in order to provide support to the Swiss economy. Just like other economies, the Swiss economy is feeling the impact of rising costs – inflation is on the upside – though not as aggressive as it’s European counterparts. The increase in inflation could see the SNB increase rates, though no hike is currently forecast or expected.

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

USDJPY – Up-trending

USDJPY 1 Hour Chart

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

USDJPY is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 130.15, 1.2960 and 128.85. A bullish move could find resistance around 130.95.

The Federal Reserve has raised the official funds rate by 0.50% – it’s second consecutive rate hike. The rate is currently set at 1.00%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates by an additional 0.50% over it’s next couple of meetings. The war in Ukraine and COVID lockdowns in China may impact US economic activity.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis. Inflation is a concern though, especially with the rising prices of energy and raw materials.

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

XAUUSD – Indecisive

XAUUSD 1 Hour Chart

Price has been bearish.

GOLD has formed a higher swing high but is starting to look choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price may start ranging between 1830 and 1875.

Trading opportunities could exist around any of the identified horizontal levels at 1830, 1845, 1860, 1870 and 1875.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 68