TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 03, 2022


Previous analysis… https://analysis.tfxi.com/2022/03/02/triumphfx-intraday-forex-analysis-1-hour-charts-march-02-2022/

AUDUSD – Continuation of uptrend?

AUDUSD 1 Hour Chart

As suggested in our previous chart analysis, the AUDUSD has been bullish and has swung higher.

Price had been consolidating for about 3 weeks but has now swing above the consolidation resistance area. Price action has formed higher swing highs and higher swing lows – AUDUSD is currently up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Price has formed a bullish channel.

Buying opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.7285, 0.7245 and 0.7230. A bullish move may find resistance around the channel resistance area.

The Reserve Bank of Australia (RBA) continues to keep the official interest rate at the record low of 0.10%. The rate is could stay the same for the near future – possibly until 2024. The RBA are expecting an economic bounce back during 2022. Inflation pressures in Australia seem to be less than in other countries.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The Fed will be cautious about raising rates, especially with the current Omnicron breakout.

A US services PMI figure will be released at 1500 UTC today.

EURGBP – Continuation of downtrend?

EURGBP 1 Hour Chart

The EURGBP has broken the key support area at 0.8300 and has been bearish, as suggested in our previous analysis.

Price has been choppy and indecisive but now seems to have direction – down. EURGBP is currently below a key support area on higher time-frames, suggesting that the downside momentum could continue. The moving averages confirm this – they are bearish and widening.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area, around the previous diagonal support (as resistance) and around any of the horizontal levels at 0.8305, 0.8325, 0.8355, 0.8370 and 0.8380.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They believe that the current spike in inflation is transitionary.

The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.

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

EURUSD – Continuation of downtrend? Possible range?

EURUSD 1 Hour Chart

As suggested in our last analysis, price has been finding resistance around 1.1125.

The EURUSD has been down-trending – price action has formed a long series of lower swing highs and lower swing lows. Price is currently moving sideways and has formed a potential range at 1.1065-1.1130. The moving averages are bearish and widening, suggesting that the downtrend may continue. The EURUSD is down-trending on higher time-frames.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1130, 1.1230, 1.1270 and 1.1290. A bearish move may find support around 1.1065.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The Fed will be cautious about raising rates, especially with the current Omnicron breakout.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They believe that the current spike in inflation is transitionary.

A US services PMI figure will be released at 1500 UTC today.

GBPUSD – Indecision

GBPUSD 1 Hour Chart

Price has reversed off 1.3275 and has been indecisive, as suggested in our last chart analysis.

The GBPUSD is moving sideways and has formed a horizontal channel at 1.3275-1.3435 – price is clearly indecisive. The moving averages confirm the market indecision – they are moving sideways. The GBPUSD is down-trending on higher time-frames.

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 1.3490 and 1.3540. Trading opportunities may also exist around the moving averages.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The Fed will be cautious about raising rates, especially with the current Omnicron breakout.

A US services PMI figure will be released at 1500 UTC today.

USDCAD – Continuation of downtrend?

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCAD reversed around the longer-term moving average.

Price had been consolidating for over 3 weeks. USDCAD has swung below the consolidation though, signalling a potential downtrend. The moving averages are bearish and steady – confirming the potential downside. The moving averages are bearish and steady, suggesting that the downtrend may continue. Price action has formed a series of lower swing highs and lower swing lows – forming a trend resistance area.

Opportunities to go short could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.2645, 1.2655, 1.2670 and 1.2740.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The Fed will be cautious about raising rates, especially with the current Omnicron breakout.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve. A rate increase is currently expected mid-2022. Inflation targets continue to be a priority and the BOC expect inflation to continue to be elevated during 2022.

A US services PMI figure will be released at 1500 UTC today. The Governor of the BOC will speak at 1630 UTC.

USDCHF – Indecision

USDCHF 1 Hour Chart

USDCHF has been moving sideways, as suggested in yesterday’s analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently. On higher time-frames, the USDCHF is clearly ranging between 0.9090 and 0.9355.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9150, 0.9170, 0.9230 and 0.9285.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB will continue to keep ultra-loose monetary policy in order to provide support to the Swiss economy. The bank continues to intervene with Foreign Exchange markets with regard to temper the value of the Swiss Franc.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The Fed will be cautious about raising rates, especially with the current Omnicron breakout.

A US services PMI figure will be released at 1500 UTC today.

USDJPY – Market indecision. Potential bullish move?

USDJPY 1 Hour Chart

As suggested in our previous analysis, price has been bullish.

USDJPY continues to move within a consolidation area and has now formed a large ascending triangle pattern, suggesting a potential bullish breakout. Price is up-trending on higher time-frames, also suggesting a potential bullish move. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Long opportunities could exist around the dynamic support of the moving averages, around the ascending triangle support area and around the horizontal levels at 115.25, 114.70, 114.60 and 114.40. A bullish move may stall or reverse around any of the horizontal resistance levels at 115.75, 115.80 and 116.15.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis.

A US services PMI figure will be released at 1500 UTC today.

XAUUSD – Indecision. Potential move higher?

XAUUSD 1 Hour Chart

Price is struggling to reach recent highs, as suggested in our previous chart analysis.

GOLD is clearly up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. XAUUSD is also up-trending on higher time-frames.

Opportunities to go long may exist around the moving averages, around the trend support area and around the horizontal levels at 1919, 1884 and 1879. A bullish move could be rejected or reverse around 1945 and 1974.

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