TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 07, 2022


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

AUDUSD – End of the uptrend?

AUDUSD 1 Hour Chart

Price has been bearish.

AUDUSD has been clearly up-trending and is currently in a retrace move. The recent bearish retrace move has swung below the trend support area, signalling that the uptrend may becoming to an end. The moving averages confirm this – they are tightening and are moving sideways – signalling weakening upside and possible market indecision.

Trading opportunities could exist around the moving averages, around the previous trend support area (as resistance) and around the horizontal levels at 0.7040, 0.7115, 0.7125, 0.7150, 0.7230 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.

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

EURGBP – Bullish. Potential bearish move?

EURGBP 1 Hour Chart

As suggested in yesterday’s analysis, price has reversed off the trend support area.

EURGBP has been bullish for the last 2 weeks. Price is at a key resistance area on higher time-frames though and is also potentially down-trending on higher time-frames, suggesting a potential bearish move. The moving averages are tightening and starting to move sideways, signalling potential indecision – EURGBP could start moving sideways.

Trading opportunities may exist around the moving averages, around the diagonal support area and around any of the horizontal levels at 0.8485, 0.8495, 0.8515, 0.8525, 0.8540 and 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

EURUSD has been bearish.

Price continues to look indecisive and lack trend momentum. Price action is forming a potential horizontal channel at 1.0640-1.0785. The moving averages have been crossing frequently and are moving sideways, suggesting market indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.0545, 1.0605, 1.0640, 1.0750, 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. Potential downside?

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GBPUSD reversed around 1.2580.

Price has since been bearish and is forming a lower swing low. Price action is suggesting a possible downtrend – the moving averages are bearish and GBPUSD has formed lower swing highs and lower swing lows. Price continues to look a little choppy and indecisive though.

Selling opportunities may exist around the moving averages, around the trend resistance area and around the horizontal levels at 1.2480, 1.2580 and 1.2655. A bearish move could be rejected or reverse around 1.2470, 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 – End of the downtrend?

USDCAD 1 Hour Chart

Price found resistance around the bearish channel resistance area, as suggested in our last chart analysis.

The USDCAD has since swung above the channel resistance area, signalling that the downtrend may becoming to an end. The moving averages confirm this – they are tightening and are moving sideways, signalling indecision – price may start moving sideways.

Trading opportunities could exist around the moving averages, around the previous bullish channel resistance area (as support) and around any of the horizontal levels at 1.2545, 1.2595, 1.2620, 1.2680 and 1.2765.

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 – Uptrend?

USDCHF 1 Hour Chart

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

The USDCHF is above the recent consolidation area and is forming a bullish move higher, all signalling a potential uptrend. The moving averages have crossed bullish and are widening – confirming the potential trend.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9695, 0.9645 and 0.9560. A bullish move could stall or reverse around 0.9760 and 0.9920.

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

The USDJPY has been bullish and has swung higher, as suggested in our previous analysis.

Price is clearly up-trending. USDJPY is currently forming a higher swing high. The moving averages are bullish and widening, signalling that the uptrend may continue. Price is also up-trending on higher time-frames.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 130.95 and 130.50.

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

As suggested in our previous chart analysis, GOLD has been moving sideways.

XAUUSD is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways. Price could start ranging between 1830 and 1875.

Trading opportunities may exist around any of the horizontal levels at 1810, 1830, 1845, 1860, 1870 and 1875.

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