TriumphFX Intraday Forex Analysis – 1 Hour Chart – March 04, 2021
Previous analysis… https://analysis.tfxi.com/
AUDUSD
The AUDUSD has been moving sideways.
Price has become indecisive. The moving averages are also moving sideways – confirming the market indecision. The AUDUSD is up-trending on higher time-frames.
Trading opportunities could exist around the moving averages and around the horizontal levels at 0.7695, 0.7720, 0.7750, 0.7830 and 0.7890.
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.
The Chair of the Federal Reserve will speak at 1705 UTC today.
EURGBP
As suggested in yesterday’s chart analysis, the EURGBP reversed around 0.8625.
Price is indecisive and is lacking trend momentum. The EURGBP is currently ranging between 0.8625 and 0.8665. The moving averages confirm the current indecision – they are tight, have been crossing frequently and are moving sideways.
Trading opportunities may 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 could find support around 0.8565. A break to the upside could find resistance around 0.8720, 0.8735 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
Price reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.
The EURUSD has become indecisive, just like other FX pairs. The moving averages are tightening – confirming the indecision. Price is up-trending on higher time-frames.
Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2000, 1.2030, 1.2100 and 1.2175.
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.
The Chair of the Federal Reserve will speak at 1705 UTC today.
GBPUSD
As suggested in yesterday’s chart analysis, price reversed around 1.3995.
The GBPUSD has become indecisive and has been moving sideways. The moving averages confirm the market indecision – they are tightening and moving sideways. Price could start ranging between 1.3865 and 1.3995. Price action is forming a potential inverted head and shoulder pattern though and the GBPUSD is up-trending on higher time-frames, all signalling that price could become bullish.
Opportunities to go long may exist around the moving averages and around the horizontal support levels at 1.3865, 1.3845 and 1.3775. A bullish move could be rejected or reverse around the horizontal levels at 1.3995, 1.4090 and 1.4175.
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.
The Chair of the Federal Reserve will speak at 1705 UTC today.
USDCAD
USDCAD has been moving sideways.
Price has become indecisive, just like other USD pairs. The moving averages are moving sideways – confirming the market indecision.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.2585, 1.260, 1.2690, 1.2740 and 1.2755.
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.
The Chair of the Federal Reserve will speak at 1705 UTC today.
USDCHF
As suggested in our last chart analysis, USDCHF has been bullish and has swung higher.
Price is clearly up-trending – USDCHF has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue.
Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 0.9015, 0.9035, 0.9095, 0.9140 and 0.9190. A bullish move could be rejected or reverse around the diagonal resistance area.
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.
The Chair of the Federal Reserve will speak at 1705 UTC today.
USDJPY
Price has been bullish, as suggested in yesterday’s chart analysis.
USDJPY is up-trending and is currently swinging higher. The moving averages are bullish and steady, suggesting that the uptrend may continue.
Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 106.65 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.
The Chair of the Federal Reserve will speak at 1705 UTC today.
XAUUSD
As suggested in our last chart analysis, price has been bearish.
GOLD is clearly down-trending. The moving averages are bearish and steady, suggesting that the downtrend could continue.
Opportunities to go short may exist around the bearish moving averages, around the diagonal resistance areas and around the horizontal levels at 1738, 1754, 1767 and 1785. A bearish move could find support around the diagonal support area and around the recent lows at 1708.
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