TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 26, 2021


Previous analysis… https://analysis.tfxi.com/2021/02/25/triumphfx-intraday-forex-1-hour-charts-february-25-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish and has been rejected at 0.7805.

AUDUSD has been up-trending. The recent bearish move has been relatively strong though and has swung below key support levels, signalling that the uptrend could now be over. The moving averages confirm this – they are becoming bearish.

Trading opportunities may exist around the moving averages, around the identified diagonal support and resistance area and around any of the horizontal levels at 0.7710, 0.7720, 0.7805, 0.7890 and 0.8000.

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 been very bullish.

EURGBP was down-trending. The recent bullish move has broken key swing highs though, suggesting a potential uptrend. The moving averages confirm the potential upside – they are crossing bullish.

Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.8635 and 0.8565. A bullish move may be rejected or reverse around the horizontal levels at 0.8735, 0.8740, 0.8755 and 0.8790.

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 is finding support around the diagonal support area.

Price is looking indecisive again. The moving averages confirm the potential indecision – they are tightening and beginning to move sideways.

Trading opportunities may exist around the diagonal support area, around the moving averages and around the horizontal levels at 1.2025, 1.2085, 1.2100, 1.2120, 1.2175 and 1.2240.

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 bearish, as suggested in yesterday’s chart analysis.

Price is still showing signs of the uptrend continuing – the current move is a retrace move. The moving averages are crossing bearish though, signalling that GBPUSD was face resistance if price tries to swing higher.

Long opportunities could exist around the horizontal support levels at 1.3845, 1.3775 and 1.3680. A bullish move may stall or reverse around the moving averages, around the diagonal resistance area and around 1.4055, 1.4090 and 1.4190.

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 last chart analysis, price has been finding resistance around 1.2640.

The USDCAD is down-trending and is currently in a retrace move. Price action suggests that the downtrend could continue. The moving averages are moving sideways though, signalling market indecision. The USDCAD could start ranging between 1.2480 and 1.2640.

Opportunities to go short may exist around the horizontal levels at 1.2640, 1.2670 and 1.2730. A bearish move could find support around the moving averages and around the potential range support area at 1.2480.

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 been moving sideways.

The USDCHF is up-trending and is currently in a retrace move. The moving averages are bullish, suggesting that the uptrend may continue.

Buying opportunities could exist around the longer-term moving average, around any of the key Fib levels, around the trend support area and around the horizontal levels at 0.9015 and 0.8990. A bullish move may be rejected or reverse around the shorter-term moving average and around the recent swing high at 0.9090.

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 bullish.

Price has swung above the recent consolidation area and is forming a higher swing high, all suggesting a potential uptrend. The moving averages are bullish and widening, confirming the potential trend.

Opportunities to go long may exist around the dynamic support of the moving averages, around any of the key Fib levels and around 105.80. A bullish move could find resistance around 106.40.

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

GOLD has been bearish.

Price is down-trending again. The moving averages have crossed bearish and price action has formed a bearish channel, all signalling that the downside direction may continue.

Shorting opportunities could exist around any of the key Fib levels, around the horizontal levels at 1767 and 1785, around the dynamic resistance of the moving averages and around the bearish channel resistance area. A bearish move may find support around the channel support area.

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