TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 07, 2022


Previous analysis… https://analysis.tfxi.com/2022/03/04/triumphfx-intraday-forex-analysis-1-hour-charts-march-04-2022/

AUDUSD – Continuation of uptrend?

AUDUSD 1 Hour Chart

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

Price is up-trending and is currently forming a large bullish move. The moving averages are bullish and widening, signalling that the uptrend may continue. Price is looking a little over-extended though, suggesting a potential retrace move. The AUDUSD is also up-trending on higher time-frames, adding confidence that the upside may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7285, 0.7245 and 0.7230.

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. This is due to global uncertainties post COVID and the war in Ukraine.

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

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

EURGBP – Continuation of downtrend?

EURGBP 1 Hour Chart

The EURGBP has been bearish, as suggested in our last analysis.

Price is down-trending and is currently in a retrace move. The EURGBP is below a recent consolidation area and the moving averages are bearish and steady, all suggesting that the downtrend could continue. Price has broken a key support on higher time-frames at 0.8300, signalling that EURGBP could downtrend long-term.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 0.8295, 0.8305, 0.8325 and 0.8355. A bearish move could stall or reverse around the recent lows at 0.8210.

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 war in Ukraine is weighing on the Euro, due to the economic impact of war in Europe and the concern of war spreading into the EU.

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. The war in Ukraine is weighing on the Pound, due to the economic impact of war in Europe and the concern of war spreading closer to the UK.

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

EURUSD – Continuation of downtrend?

EURUSD 1 Hour Chart

As suggested in Friday’s analysis, price has been bearish and has swung lower.

The EURUSD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price action is currently forming a new swing low. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is also down-trending on higher time-frames, adding confidence that the downside direction may continue.

Shorting opportunities could exist around the trend resistance area, around the bearish moving averages and around the horizontal levels at 1.1065, 1.1130 and 1.1230.

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

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 war in Ukraine is weighing on the Euro, due to the economic impact of war in Europe and the concern of war spreading into the EU.

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

GBPUSD – Continuation of downtrend?

GBPUSD 1 Hour Chart

Price closed below the horizontal channel support area and has since been bearish, as suggested in Friday’s chart analysis.

The GBPUSD was indecisive for a while but is now down-trending again – price is below the recent consolidation has formed lower swing highs and lower swing lows. The moving averages are bearish and widening, suggesting that the downtrend could continue. GBPUSD is also down-trending on higher time-frames.

Opportunities to go short may exist around the bearish moving averages, around the trend resistance area and around any of the horizontal levels at 1.3275, 1.3415 and 1.3435.

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. The war in Ukraine is weighing on the Pound, due to the economic impact of war in Europe and the concern of war spreading closer to the UK.

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

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

USDCAD – Market indecision

USDCAD 1 Hour Chart

As suggested in our previous chart analysis, USDCAD has become indecisive.

Price is looking choppy and is moving sideways – USDCAD is indecisive. The moving averages confirm the market indecision – they have been crossing frequently and moving sideways for over 5 weeks! Price is in a long-term and higher time-frame consolidation area at 1.2650-1.2785. There is currently no clear indication of future price direction.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2605, 1.2655, 1.2745, 1.2770, 1.2810 and 1.2875.

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

The Bank of Canada (BOC) has raised it’s interest rate by 0.25% to 0.50%. The BOC are expecting economic indicators to continue to improve, though the war in Ukraine may have an impact on economic growth. 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.

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

USDCHF – Indecision

USDCHF 1 Hour Chart

USDCHF has been moving sideways, as suggested in our previous analysis.

Price is indecisive and is lacking trend direction. The moving averages have been crossing frequently – confirming the current indecision. USDCHF is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9150, 0.9165, 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 post COVID. The current rate is set at 0.25% (record lows). The Fed will be cautious about raising rates, especially with the current war in Ukraine.

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

USDJPY – Market indecision

USDJPY 1 Hour Chart

Price has been bearish.

USDJPY is indecisive and is lacking trend direction – price action has been choppy and sideways. The moving averages have been crossing frequently and moving sideways for over a week – confirming the market indecision. USDJPY is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 114.40, 114.60, 114.65, 115.25 and 115.80.

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

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. Inflation is a concern though, especially with the rising prices of energy and raw materials.

The Russian invasion of Ukraine is causing volatile moves across all markets.

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

XAUUSD – Continuation of uptrend?

XAUUSD 1 Hour Chart

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

GOLD is clearly up-trending – XAUUSD has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue. Price is also up-trending on higher time-frames.

Long opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1974, 1947, 1918 and 1884.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 18