TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 26, 2021
Previous analysis… https://analysis.tfxi.com/2021/03/25/triumphfx-intraday-forex-analysis-1-hour-charts-march-25-2021/
AUDUSD
As suggested in yesterday’s chart analysis, price is finding resistance around 0.7625 and the trend resistance area.
AUDUSD is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is up-trending on higher time-frames though, suggesting a potential bullish move.
Selling opportunities could exist around the trend resistance area, around the longer-term moving average and around the horizontal levels at 0.7625, 0.7680 and 0.7700. A bearish move may be rejected or reverse around the shorter-term moving average and around the recent lows at 0.7570.
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
Price reversed around 0.8640, as suggested in yesterday’s chart analysis.
EURGBP was up-trending but has recently been very bearish. Price is now looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8535, 0.8595 and 0.8600.
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 chart analysis, EURUSD has been bearish.
Price is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downside direction may continue.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around the previous support and resistance areas of the bearish channel and around 1.1840 and 1.1870. An attempt to swing lower may stall or reverse around the recent lows at 1.1760.
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 found resistance around both moving averages, as suggested in our last analysis.
Price has since swung above the moving averages though. GBPUSD is below the recent consolidation area and has formed a large swing lower, suggesting a potential downtrend. The moving averages are becoming bullish though and price is up-trending on higher time-frames, signalling a potential bullish move.
Opportunities to go short may exist around the 38.2%, 50.0% and 61.8% Fib levels and around the horizontal levels at 1.3795, 1.3820 and 1.3870. A bearish move could become bullish around the moving averages and around the recent lows at 1.3675.
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, price reversed around the previous bullish channel support area (as resistance).
The USDCAD was up-trending but is now starting to look indecisive. The moving averages confirm the current indecision – they are tightening and are moving sideways.
Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2440, 1.2465, 1.2530, 1.2550, 1.2620, 1.2675, 1.2695 and 1.2715.
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
Price reversed around the shorter-term moving average and swung higher, as suggested in yesterday’s chart analysis.
The USDCHF is up-trending. The moving averages are bullish and steady, signalling that the upside could continue.
Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 0.9375 and 0.9315.
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
The USDJPY has been bullish.
Price has swung above the consolidation resistance area, signalling a potential uptrend. The moving averages confirm this – they have crossed bullish and are widening.
Long opportunities could exist around the bullish moving averages and around the horizontal levels at 109.30, 109.00 and 108.85.
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, GOLD reversed around the previous trend support area and around the range resistance area.
Price is ranging between 1723 and 1745. GOLD is currently finding support around the range support area. The moving averages are tight and moving sideways – confirming the market indecision.
Trading opportunities may 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 upside could find resistance around the diagonal resistance area and around the recent highs at 1754. A break to the downside could find support around 1701, 1691 and 1680.
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