TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 08, 2022


Previous analysis… https://analysis.tfxi.com/2022/06/07/triumphfx-intraday-forex-analysis-1-hour-charts-june-07-2022/

AUDUSD – Market indecision

AUDUSD 1 Hour Chart

As suggested in our previous chart analysis, the AUDUSD has failed to swing higher.

Price was up-trending but is now looking indecisive – price is choppy and has been moving sideways. The moving averages confirm the market indecision – they are moving sideways. AUDUSD could start ranging between 0.7160 and 0.7235.

Trading opportunities may exist around any of the identified horizontal levels at 0.7050, 0.7115, 0.7125, 0.7160, 0.7235 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 – Possible downtrend?

EURGBP 1 Hour Chart

The EURGBP has been bearish, as suggested in our previous analysis.

Price action has formed a series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish and are widening. EURGBP is down-trending on higher time-frames, adding confidence that price may continue it’s bearish direction.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8515, 0.8525, 0.8540 and 0.8575. A bearish move may stall or reverse around the horizontal support levels at 0.8495, 0.8485 and 0.8435.

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 analysis, price has been moving sideways.

The EURUSD is indecisive and is moving sideways. The moving averages have been crossing frequently – confirming the market indecision. Price could be ranging between 1.0640 and 1.0785.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.0545, 1.0605, 1.0640, 1.0655, 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

GBPUSD 1 Hour Chart

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

The GBPUSD is indecisive. Price is looking choppy and has been moving sideways. The moving averages confirm the market indecision – they are tight.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2445, 1.2470, 1.2480, 1.2595, 1.2625 and 1.2655.

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. Potential bullish move?

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCAD reversed around 1.2620.

Price is down-trending again and has formed a new bearish channel. The moving averages suggest that the downside momentum could continue – they are bearish and steady. USDCAD is testing a key support area on higher time-frames, signalling a potential bullish move.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around any of the horizontal levels at 1.2545, 1.2595, 1.2620 and 1.2680. A strong bearish move could find support around the bearish 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 – Up-trending

USDCHF 1 Hour Chart

USDCHF has been bullish, as suggested in yesterday’s analysis.

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

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 0.9695, 0.9645 and 0.9560. A bullish move may be rejected or reverse around 0.9775 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

As suggested in our previous analysis, price has been bullish and has swung higher.

USDJPY is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently forming a swing higher. The moving averages are bullish and widening, suggesting that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 132.95, 132.45 and 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 moving sideways, as suggested in our previous chart analysis.

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

Trading opportunities could exist around any the moving averages and around any of the horizontal levels at 1830, 1840, 1855, 1860, 1870 and 1875.

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