TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 25, 2021
Previous analysis… https://analysis.tfxi.com/2021/03/23/triumphfx-intraday-forex-analysis-1-hour-charts-march-23-2021-2/
AUDUSD
As suggested in our previous chart analysis, the AUDUSD reversed around 0.7585.
Price has been bearish and has moved below the recent consolidation area. The moving averages are bearish and steady, suggesting that the downside direction could continue.
Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7625, 0.7680 and 0.7700. The AUDUSD could stall or reverse around the recent lows at 0.7580.
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 has been reversing around the shorter-term moving average and has been moving higher, as suggested in our last chart analysis.
Price is looking choppy but is moving in a general upward direction. The moving averages are bullish and steady, suggesting that the upside may continue.
Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 0.8620, 0.8600 and 0.8595. The EURGBP may be rejected or reverse around 0.8640 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
As suggested in our last analysis, price closed below the range support area and has since been bearish.
The EURUSD has formed lower swing highs and lower swing lows, signalling a downtrend. The moving averages confirm this – they are bearish and widening. Price action has formed a bearish channel and the EURUSD is currently being rejected at the channel support area.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.1840, 1.1870 and 1.1940. EURUSD could continue to find support or even reverse around the bearish channel support area.
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 closed below the range support area and has since been bearish, as suggested in our previous chart analysis.
The GBPUSD is below the recent consolidation area, signalling a potential downtrend. The moving averages confirm this – they are bearish and steady.
Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support levels at 1.3795 and 1.3820.
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
As suggested in our last chart analysis, USDCAD reversed around the shorter-term moving average and then found resistance around 1.2600.
Price has since moved below the bullish channel support area. The moving averages are still bullish though and price action is maintaining higher swing highs and lows, suggesting that the uptrend could continue.
Opportunities to go long may exist around the bullish moving averages and around the horizontal levels at 1.2530, 1.2465 and 1.2440. A bullish move could be rejected or reverse around the previous bullish channel support area (as resistance) and around the horizontal resistance levels at 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCHF
USDCHF closed above the range resistance area and has since been bullish, as suggested in our last chart analysis.
Price is above the recent consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening.
Long opportunities could exist around the dynamic support of the moving averages and around the previous range resistance area at 0.9315. USDCHF may be rejected or reverse around the recent highs at 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.
The SNB will release a monetary policy assessment at 0830 UTC today.
USDJPY
As suggested in our previous analysis, price has reversed off the horizontal channel support area.
USDJPY is indecisive and is moving within a horizontal channel at 108.35-109.30. The moving averages confirm the market indecision – they have been crossing frequently.
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).
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
Price has been moving sideways.
GOLD is indecisive and is lacking direction. The moving averages confirm the market indecision – they are tight and moving sideways. Price is ranging between 1723 and 1745.
Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside may find resistance around the previous trend support area and around the recent highs at 1754. A break to the downside may find support around 1701 and 1691.
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