TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 23, 2021


Previous analysis… https://analysis.tfxi.com/2021/03/22/triumphfx-intraday-forex-analysis-1-hour-charts-march-23-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price is finding support around 0.7680.

AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price is up-trending on higher time-frames, signalling a potential bullish move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7625, 0.7680, 0.7700, 0.7755, 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 testify at 1400 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price broke above the range and then found resistance around 0.8630, as suggested in yesterday’s chart analysis.

EURGBP has swung above the recent consolidation, suggesting a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening.

Buying opportunities may exist around the dynamic support of the moving averages and around the previous range resistance at 0.8595. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.8630, 0.8650 and 0.8665.

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 chart analysis, EURUSD reversed around the range support area.

Price continues to be indecisive and lack trend momentum. EURUSD is ranging between the horizontal support at 1.1870 and the horizontal resistance at 1.1990. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision.

Trading opportunities could 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 downside may find support around 1.1840.

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 testify at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been moving sideways.

Price continues to be choppy and indecisive. The moving averages confirm the current indecision – they have been crossing frequently. GBPUSD is ranging between 1.3795 and 1.3995.

Trading opportunities may exist around the support and resistance areas of the range and if price closes 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 testify at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price has been bullish.

The USDCAD has formed a short series of higher swing highs and higher swing lows, suggesting a potential uptrend. The moving averages are bullish and steady – confirming the potential upside. Price action has formed a bullish channel.

Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2530, 1.2465, 1.2440 and 1.2380. A bullish move may stall or reverse around the bullish channel resistance area and around the horizontal levels at 1.2565, 1.2585, 1.2600 and 1.2675.

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 testify at 1400 UTC today.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the range support area.

The USDCHF continues to be indecisive and move within a horizontal channel at 0.9220-0.9315. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the upside could find resistance around 0.9375. A break to the downside could 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 testify at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been finding support around the bullish channel support area, as suggested in our last chart analysis.

Price is indecisive. The USDJPY is moving within a range (108.35-109.30) and within a bullish channel.

Trading opportunities may exist around the moving averages, around the support and resistance areas of the channels 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.

The Chair of the Federal Reserve will testify at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last analysis, GOLD has been reversing around the trend support area.

Price is up-trending but is starting to look choppy and indecisive. The moving averages confirm the potential indecision – they are tight and moving sideways.

Trading opportunities could exist around the trend support area and around any of the identified horizontal levels at 1701, 1721, 1745 and 1754.

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