TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 09, 2022


Previous analysis… https://analysis.tfxi.com/2022/06/08/triumphfx-intraday-forex-analysis-1-hour-charts-june-08-2022/

AUDUSD – Market indecision

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, price has been moving sideways and has found support around 0.7160.

AUDUSD is indecisive after forming a clear uptrend. Price is ranging between 0.7160 and 0.7235. The moving averages confirm the market indecision – they are moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if AUDUSD moves out of the range (break-out trade). A break to the upside may find resistance around 0.7265. A break to the downside may find support around 0.7150, 0.7225, 0.7115 and 0.7050.

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 – Indecision. Possible downtrend?

EURGBP 1 Hour Chart

Price has been bullish.

EURGBP is choppy and indecisive. Price action has formed a series of lower swing highs and lower swing lows though, signalling a potential downtrend. Price is down-trending on higher time-frames and is around higher time-frame resistance, adding confidence that the EURGBP could become bearish.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8485, 0.8495, 0.8515, 0.8525, 0.8540, 0.8575 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.

The ECB will release a rate statement and announce the official financing rate at 1145 UTC today. This is followed by a press conference at 1230 UTC.

EURUSD – Indecision

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD reversed around 1.0745 and has been moving sideways.

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

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

The ECB will release a rate statement and announce the official financing rate at 1145 UTC today. This is followed by a press conference at 1230 UTC.

GBPUSD – Market indecision

GBPUSD 1 Hour Chart

GBPUSD has been moving sideways, as suggested in our previous chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the identified 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 our previous analysis, price has been finding resistance around the bearish channel resistance area.

The USDCAD is down-trending within a bearish channel. The moving averages suggest that the downside momentum may continue – they are bearish and steady. Price is testing a key support area on higher time-frames though, suggesting a potential bullish move.

Opportunities to go short could exist around the bearish channel resistance area and around any of the horizontal levels at 1.2595, 1.2620 and 1.2680. A strong bearish move may find support around the recent lows at 1.2520.

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.

The Governor of the BOC will speak at 1500 UTC today.

USDCHF – Up-trending

USDCHF 1 Hour Chart

Price reversed around the shorter-term moving average and has since been bullish, as suggested in our last analysis.

The USDCHF is up-trending. Price is currently forming a swing higher and is finding resistance around 0.9790. The moving averages suggest that the uptrend could continue – they are bullish and steady. Price is also up-trending on higher time-frames, adding confidence that the upside direction could continue.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 0.9715, 0.9695 and 0.9645.

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.

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.

USDJPY – Up-trending. Time for a bearish move?

USDJPY 1 Hour Chart

As suggested in our last chart analysis, the USDJPY has been bullish and has swung higher.

Price is clearly up-trending – price action has formed a long series of higher highs and higher lows. USDJPY is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue. Price is starting to look overbought and over-extended on higher time-frames, signalling a potential bearish.

Long opportunities could exist around the bullish 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

GOLD has been moving sideways, as suggested in yesterday’s analysis.

Price continues to be choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 1830, 1840, 1860, 1860, 1870 and 1875.

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