TriumphFX Intraday Forex Analysis – 1 Hour Charts – June 24, 2022


Previous analysis… https://analysis.tfxi.com/2022/06/23/triumphfx-intraday-forex-analysis-1-hour-charts-june-23-2022/

AUDUSD – Market indecision. Possible move lower?

AUDUSD 1 Hour Chart

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

AUDUSD continues to be indecisive after forming a clear downtrend. The moving averages are bearish and widening, signalling that price may become bearish and start down-trending again. Price action is currently sideways though. AUDUSD is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 0.6860, 0.6880, 0.6945, 0.6990, 0.7030, 0.7060 and 0.7130.

The Reserve Bank of Australia (RBA) has increased rates again. This time by 0.50% to 0.85% – the first back-to-back rate hike since in 12 years. The unemployment rate hit it’s lowest in the last 50 years. Further rate hikes may be necessary to combat rising inflation.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s third rate hike in 2022. The rate is currently set at 1.75%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of 3.4% by the end of 2022.

The Governor of the RBA will speak at 1130 UTC today.

EURGBP – Indecision

EURGBP 1 Hour Chart

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

EURGBP is indecisive and is lacking trend direction. Price could start ranging between 0.8565 and 0.8640. The moving averages are tight and moving sideways – confirming the market indecision. EURGBP is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8490, 0.8520, 0.8565, 0.8640 and 0.8715.

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. The ECB have announced that a rate hike of 0.25% is expected in the near future – it’s first hike since early 2016.

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 yesterday’s chart analysis, EURUSD has been moving sideways.

Price is indecisive and has been moving sideways. EURUSD is ranging between 1.0485 and 1.0595. The moving averages are tight and moving sideways – confirming the current indecision.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around 1.0455 and 1.0380. A break to the upside may find resistance around 1.0655 and 1.0740.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s third rate hike in 2022. The rate is currently set at 1.75%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of 3.4% by the end of 2022.

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. The ECB have announced that a rate hike of 0.25% is expected in the near future – it’s first hike since early 2016.

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

GBPUSD – Market indecision

GBPUSD 1 Hour Chart

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

Price is indecisive and is lacking trend momentum. GBPUSD is ranging and has formed a horizontal channel at 1.2175-1.2315. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may 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 could find resistance around 1.2380, 1.2445 and 1.2595. A break to the downside could find support around 1.2055 and 1.1970.

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 an additional 0.75% – it’s third rate hike in 2022. The rate is currently set at 1.75%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of 3.4% by the end of 2022.

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

USDCAD – Up-trending. Currently indecisive

USDCAD 1 Hour Chart

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

The USDCAD is up-trending and is currently in an indecisive retrace move. The moving averages have been crossing and are moving sideways – confirming the market indecision.

Buying opportunities could exist around the moving averages, around the trend support area and around the horizontal support levels at 1.2910 and 1.2870. A bullish move may stall or reverse around the horizontal resistance levels at 1.3010 and 1.3070.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s third rate hike in 2022. The rate is currently set at 1.75%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of 3.4% by the end of 2022.

The Bank of Canada (BOC) has raised it’s interest rate by an additional 0.50% to 1.50% – it’s third rate hike in 2022. Further rate hikes are expected to combat rising inflation. The BOC are expecting economic indicators to continue to improve, though the war in Ukraine may have an impact on economic growth.

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

USDCHF – Down-trending. Possible bullish move

USDCHF 1 Hour Chart

Price has been bearish and has reversed around the bearish channel support area, as suggested in our last chart analysis.

The USDCHF is down-trending within a tight bearish channel. The moving averages are bearish and widening, signalling that the downtrend could continue. Price is around a key support area on higher time-frames and is also up-trending on higher time-frames, suggesting a potential bullish move.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.9630, 0.9675, 0.9690, 0.9725 and 0.9810. A bearish move could be rejected or reverse around the channel support area and around the horizontal support levels at 0.9580 and 0.9560.

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 an additional 0.75% – it’s third rate hike in 2022. The rate is currently set at 1.75%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of 3.4% by the end of 2022.

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

USDJPY – Indecision

USDJPY 1 Hour Chart

The USDJPY has been bearish.

Price is indecisive and is lacking trend momentum. The uptrend may now be over. The moving averages have crossed – confirming the lack of upside momentum. The USDJPY continues to uptrend on higher time-frames.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 131.65, 133.30, 133.60, 134.30, 135.30, 135.55 and 136.65.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s third rate hike in 2022. The rate is currently set at 1.75%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of 3.4% by the end of 2022.

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 but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

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

XAUUSD – Market Indecision

XAUUSD 1 Hour Chart

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

Price is indecisive and is lacking trend direction. XAUUSD has been indecisive for several weeks now. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1807, 1819, 1823, 1845, 1856, 1858 and 1873.

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