TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 10, 2021


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

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has reversed around the trend resistance area.

AUDUSD has been down-trending and is currently in a retrace phase. Price is starting to look indecisive though. The moving averages confirm this – they are starting to tighten and move sideways. AUDUSD could start ranging between 0.7625 and 0.7725.

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 upside could find resistance around 0.7750, 0.7810, 0.7830 and 0.7890. Selling opportunities may exist around the trend 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.

US CPI figures will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish and has swung lower, as suggested in yesterday’s chart analysis.

EURGBP is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downside direction may continue. EURGBP has formed a bearish channel.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8600, 0.8625 and 0.8650. A bearish move may be rejected or reverse around the recent lows at 0.8555 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 analysis, EURUSD reversed around the bearish channel support area.

Price continues to downtrend and be bearish. EURUSD is currently in a retrace move. Price is moving within a bearish channel and the moving averages are bearish and steady, all suggesting that the downtrend could continue.

Opportunities to go short may exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal levels at 1.2000 and 1.2030. A bearish move could stall or reverse around the shorter-term moving average, around the recent swing low at 1.1840 and around the bearish channel support 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 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.

US CPI figures will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price has been down-trending and is currently in a retrace phase. GBPUSD is now looking choppy and indecisive though. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.3795, 1.3855, 1.3915, 1.3995 and 1.4090.

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.

US CPI figures will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price continues to be indecisive.

The USDCAD is choppy and lacking trend direction. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision. Price is moving within a horizontal channel at 1.2585-1.2735.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade).

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.

US CPI figures will be released at 1330 UTC today. A Canadian rate statement will be released at 1500 UTC.

USDCHF 

USDCHF 1 Hour Chart

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

The USDCHF is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently in a retrace move. The USDCHF has swing below the diagonal support area and below the moving averages, suggesting that price may struggle to swing higher. The moving averages are tightening and moving sideways, suggesting market indecision.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 0.9095, 0.9140, 0.9190, 0.9265 and 0.9375.

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.

US CPI figures will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been moving sideways.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The USDJPY is currently in a retrace move. The moving averages are bullish and steady, signalling that the upside direction could continue.

Buying opportunities may exist around the longer-term moving average and around the horizontal level at 108.25. A bullish move could find resistance around 109.20.

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.

US CPI figures will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, GOLD found resistance around 1719.

Price has been down-trending but price action has just formed a higher swing high, signalling a potential uptrend. The moving averages are tight and moving sideways, suggesting market indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1680, 1691, 1719, 1738, 1754 and 1767.

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