TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 22, 2021


Previous analysis… https://analysis.tfxi.com/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our previous chart analysis, price has been finding resistance around the diagonal resistance area.

AUDUSD has been bullish. Price is up-trending again. The moving averages have crossed bullish, suggesting that the uptrend could continue. AUDUSD is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.7805 and 0.7780. Price could continue to find resistance around the diagonal resistance area.

The Reserve Bank of Australia (RBA) continue to keep the interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

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

EURGBP

EURGBP 1 Hour Chart

Price has continued to be bearish, as suggested in our last chart analysis.

EURGBP is clearly down-trending and is moving within a bearish channel. Price is looking a little over-extended and is currently struggling to break lows, suggesting that a bullish retrace move may be due. The moving averages are bearish and steady, signalling that the downtrend may continue.

Selling opportunities could exist around the bearish channel resistance area, around the dynamic resistance of the moving averages and around any of the key Fib levels. EURGBP may be rejected or reverse around the recent lows at 0.8645 and around the bearish channel support area.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect an economic rebound from April 2021.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, EURUSD found resistance around the longer-term moving average.

Price has since been bullish. EURUSD is looking indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2025, 1.2085, 1.2150 and 1.2165.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

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

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bullish.

Price has swung higher and is clearly up-trending. Price action has formed a bullish channel and GBPUSD is currently around the channel resistance area, signalling a possible retrace move. The moving averages are bullish, suggesting that the trend may continue.

Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area, around any of the key Fib levels and around the horizontal levels at 1.3950 and 1.3845. Price may be rejected or reverse around the channel resistance area.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect an economic rebound from April 2021.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in our previous chart analysis, price found support around 1.2670.

The USDCAD has since been bearish. Price is breaking recent lows and has formed a short series of lower swing highs, signalling a potential downtrend. The moving averages are still moving sideways though, suggesting market indecision.

Shorting opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2610, 1.2670 and 1.2730.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The spread of COVID-19 continues to severely impact the Canadian economy. The BOC are expecting economic indicators to improve from April 2021.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

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

USDCHF 

USDCHF 1 Hour Chart

Price has found support around the 50.0% Fib level, as suggested in our last chart analysis.

The USDCHF has formed a higher swing high, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Opportunities to go long could exist around the longer-term moving average, around the 50.0% and 61.8% Fib levels and around the horizontal levels at 0.8935, 0.8890 and 0.8875. A bullish move may stall or reverse around the shorter-term moving average and around the horizontal resistance levels at 0.8990, 0.9015 and 0.9045.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until 2022.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

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

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been bearish.

Price was showing signs of a potential uptrend but is no looking indecisive. The moving averages are tightening and moving sideways, confirming the current indecision.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the identified horizontal levels at 105.25, 105.70 and 106.15.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement. They have stated that lowering the unemployment rate and improving other key economic indicators is not going to be an easy task.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

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

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, GOLD has been bearish.

Price is down-trending. The moving averages are bearish and steady, signalling that the downside direction may continue. GOLD is forming a potential horizontal channel at 1767-1788, suggesting market indecision.

Opportunities to go short could exist around the longer-term moving average, around the trend resistance areas and around the horizontal levels at 1788, 1814 and 1828. A bearish move may be reverse around 1767.

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