TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 18, 2021
Previous analysis… https://analysis.tfxi.com/2021/03/17/triumphfx-intraday-forex-analysis-1-hour-charts-march-17-2021/
AUDUSD
As suggested in yesterday’s chart analysis, the AUDUSD has been bullish.
Price action has formed a higher swing low and also a bullish channel, suggesting a potential uptrend – the market indecision could be over. The moving averages have crossed bullish – confirming the potential upside. Price is up-trending on higher time-frames.
Opportunities to go long may exist around the moving averages, around the bullish channel support area and around the horizontal levels at 0.7790, 0.7755, 0.7700 and 0.7680. A bullish move could be rejected or reverse around the channel 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.
There is no major scheduled news today that will directly impact this currency pair.
EURGBP
The EURGBP reversed around 0.8595, as suggested in yesterday’s chart analysis.
Price is indecisive and is lacking trend direction. The moving averages are crossing frequently and moving sideways – confirming the market indecision.
Trading opportunities could exist around any of the identified horizontal levels at 0.8545, 0.8555, 0.8595, 0.8630 and 0.8650.
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 BOE will announce the official bank rate today and release a monetary policy summary.
EURUSD
As suggested in yesterday’s chart analysis, price has been finding resistance around 1.1990.
The EURUSD continues to be indecisive. The moving averages confirm the current indecision – they are tight and crossing frequently.
Trading opportunities may exist around the moving averages, around the previous bearish channel and around the horizontal levels at 1.1840, 1.1875, 1.1890, 1.1990 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
Price is reversing around the range resistance area, as suggested in yesterday’s chart analysis.
The GBPUSD continues to be indecisive and range between 1.3795 and 1.3995. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is up-trending on higher time-frames, suggesting a potential bullish move.
Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD closes out of the range (break-out trade). A break to the upside may find resistance around 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 BOE will announce the official bank rate today and release a monetary policy summary.
USDCAD
As suggested in our last chart analysis, USDCAD reversed around the longer-term moving average and has swung lower.
Price is clearly down-trending – USDCAD has formed a long series of lower swing highs and lower swing lows. 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 and around the horizontal levels at 1.2440, 1.2495, 1.2525, 1.2565 and 1.2585. USDCAD could find support around 1.2380.
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 has been bearish.
Price action has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and widening.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around 0.9285, 0.9.15 and 0.9375. A bearish move may stall or reverse around the channel support area and around the horizontal levels at 0.9220, 0.9190 and 0.9140.
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
Price has been moving sideways.
USDJPY has become indecisive. Price action has formed a tight horizontal channel at 108.80-109.25 and price is moving within the channel. The moving averages confirm the market indecision – they are tight and moving sideways. Price is also moving within a large bullish channel.
Trading opportunities may exist around the support and resistance areas of the horizontal channel and if USDCAD moves out of the channel. A break to the upside could find resistance around the bullish channel resistance area. A break to the downside could find support around the bullish channel support area and around 108.35.
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
As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average and has been bullish. As also suggested, price found resistance around 1754.
GOLD is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue.
Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1739, 1719, 1701 and 1691. A bullish move may find resistance around 1754 and 1785.
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