TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 12, 2021


Previous analysis… https://analysis.tfxi.com/2021/03/11/triumphfx-intraday-forex-analysis-1-hour-chart-march-11-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around both the trend support area and the horizontal resistance at 0.7810.

AUDUSD has formed a short series of higher swing highs and higher swing lows, suggesting a potential uptrend. The moving averages confirm this – they are bullish and widening. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.7725, 0.7675 and 0.7625. A bullish move could be rejected or reverse around the previous diagonal support area and around the horizontal 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

Price has been reversing around 0.8580 and the longer-term moving average, as suggested in yesterday’s chart analysis.

EURGBP is down-trending but is currently struggling to swing lower – price is looking indecisive. Price action has formed a tight horizontal channel at 0.8555-0.8580. The moving averages are tightening and moving sideways, confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if EURGBP moves out of the channel (break-out trade). A break to the downside may find support around the bearish channel support area. A break to the upside may find resistance around the bearish channel resistance area and around the horizontal levels at 0.8600 and 0.8625.

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 yesterday’s chart analysis, EURUSD has been bullish and is currently finding support around the shorter-term moving average and trend support area.

Price was down-trending but recent price action suggests a potential uptrend. The moving averages confirm this – they are bullish and widening. EURUSD has formed a bullish channel.

Long opportunities may exist around the bullish channel support area, around the dynamic support of the moving averages, around the previous bearish channel resistance area (as support) and around the horizontal levels at 1.1910, 1.1875 and 1.1840. A bullish move could stall or reverse around the channel resistance area and around 1.2000, 1.2030 and 1.2100.

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 was bullish and reversed around 1.3995, as suggested in yesterday’s chart analysis.

Price action has formed a short series of higher swing highs and higher swing lows, suggesting a potential uptrend. The moving averages are bullish and widening, confirming the potential upside. GBPUSD could start ranging between 1.3795 and 1.3995.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 1.3915, 1.3855 and 1.3795. A bullish move could find resistance around 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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish.

The USDCAD is down-trending – price has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend may continue. The USDCAD is also down-trending on higher time-frames.

Selling opportunities could exist around the support and resistance areas of the previous bearish channel, around the bearish moving averages and around the horizontal levels at 1.2585, 1.2600, 1.2675 and 1.2695. A bearish move may find support around the horizontal support levels at 1.2525 and 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.

Canadian employment change and unemployment rate figures will be released at 1330 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price continues to be indecisive.

The USDCHF is in a retrace phase after a large bullish. Price action has formed a lower swing high and some lower swing lows, suggesting a potential downtrend. The USDCHF is looking indecisive though. The moving averages confirm this – they are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9190, 0.9235, 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

As suggested in yesterday’s chart analysis, the USDJPY reversed around 108.25.

Price is indecisive and is ranging between 108.30 and 109.20. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if the USDJPY 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

GOLD found support around 1719, as suggested in our last analysis.

Price has since been bearish and is now looking indecisive. GOLD is lacking trend direction. The moving averages confirm the current indecision – they are moving sideways.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1680, 1691, 1709, 1719, 1739 and 1754.

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