TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 22, 2021


Previous analysis… https://analysis.tfxi.com/2021/03/19/triumphfx-intraday-forex-analysis-1-hour-charts-march-19-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, the AUDUSD found support around the bullish channel support area.

Price has since been bearish and has swung below the support area. The AUDUSD continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the moving averages, around the previous bullish channel support area and around any of the horizontal levels at 0.7625, 0.7680, 0.7700, 0.7795 and 0.7840.

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 1300 UTC today.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has reversed around 0.8595, as suggested in Friday’s chart analysis.

Price continues to be indecisive. The moving averages are moving sideways and crossing frequently – confirming the current indecision. The EURGBP is ranging between 0.8535 and 0.8595.

Trading opportunities could exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). A break to the upside may find resistance around 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.

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

EURUSD

EURUSD 1 Hour Chart

Price has been bearish.

The EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1840, 1.1870 and 1.1990.

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 1300 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last chart analysis, price has found support around the range support area.

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

Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD 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 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 1300 UTC today.

USDCAD

USDCAD 1 Hour Chart

USDCAD has been finding resistance around 1.2525, as suggested in yesterday’s chart analysis.

Price has become indecisive, just like other USD pairs. The moving averages are currently bullish and widening, signalling a potential upside move.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2380, 1.2440, 1.2530, 1.2565, 1.2585 and 1.2600.

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 1300 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in Friday’s chart analysis, USDCHF has reversed around 0.9315.

Price is indecisive and is ranging (0.9220-0.9315). The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. USDCHF is down-trending on higher time-frames, suggesting a potential downside move.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the range and if USDCHF closes out of the range (break-out trade). A break to the upside may find resistance around 0.9375. A break to the downside may find support around 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.

The Chair of the Federal Reserve will speak at 1300 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price reversed around the bullish channel support area, as suggested in Friday’s chart analysis.

USDJPY is ranging between 108.35 and 109.30 and is also moving within a bullish channel. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the range and the bullish channel.

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 1300 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bearish.

GOLD was up-trending but has recently closed below the trend support area, signalling that the trend may now be over. The moving averages are signalling market indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around the horizontal levels at 1680, 1691, 1701, 1719, 1745 and 1754.

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