TriumphFX Intraday Forex Analysis – 1 Hour Chart – March 11, 2021


Previous analysis… https://analysis.tfxi.com/2021/03/10/triumphfx-intraday-forex-analysis-1-hour-charts-march-10-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bullish.

Price action has formed a bullish reversal pattern (inverted head and shoulder) and the moving averages have crossed bullish, all suggesting that the upside direction may continue. The AUDUSD is also up-trending on higher time-frames.

Opportunities to go long could exist around the trend support area, around the dynamic support of the moving averages and around the horizontal levels at 0.7725 and 0.7625. A bullish move may be rejected or reverse around the horizontal resistance levels at 0.7810, 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.

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

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP has been finding support around 0.8555.

Price continues to downtrend and move within a bearish channel. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8580, 0.8600, 0.8625 and 0.8650. A bearish move could find support 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.

The ECB will release a monetary policy statement at 1245 UTC today. This is followed by a press conference at 1330 UTC.

EURUSD

EURUSD 1 Hour Chart

Price found resistance around the bearish channel resistance area, as suggested in yesterday’s chart analysis.

The EURUSD has since been bullish. Price has swung above the channel resistance area and the moving averages have crossed bullish, all suggesting that the recent downtrend may be over.

Long opportunities could exist around the diagonal support area, around the dynamic support of the moving averages and around the horizontal levels at 1.1905, 1.1875 and 1.1840. A bullish move may find resistance around 1.2000 and 1.2030.

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 ECB will release a monetary policy statement at 1245 UTC today. This is followed by a press conference at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last chart analysis, price found resistance around 1.3915.

The GBPUSD continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they have been crossing frequently and are currently moving sideways. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities may exist around the moving averages and around 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.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD has been bearish.

Price continues to be choppy and indecisive. The moving averages have been crossing frequently – confirming the market indecision. Price action has formed a bearish channel, signalling that USDCAD may attempt a bearish move.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bearish channel and around any of the identified horizontal levels at 1.2475, 1.2585, 1.2600, 1.2675, 1.2690, 1.2715 and 1.2735.

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

As suggested in our last chart analysis, USDCHF has reversed around the shorter-term moving average.

Price continues to be indecisive after a clear uptrend. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.9095, 0.9140, 0.9265, 0.9315 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.

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

USDJPY

USDJPY 1 Hour Chart

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

USDJPY is indecisive and is ranging between 108.25 and 109.20. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).

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

Price has been bullish.

GOLD is forming a swing higher, signalling a potential uptrend. The moving averages confirm the potential upside – they have crossed bullish and are widening.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 1719, 1709, 1691 and 1680. A bullish move could find resistance around 1738, 1754, 1767 and 1785.

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