TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 9, 2022
Previous analysis… https://analysis.tfxi.com/2022/03/08/triumphfx-intraday-forex-analysis-1-hour-charts-march-08-2022/
AUDUSD – Market indecision? Possible bullish move?
As suggested in our previous chart analysis, the AUDUSD has reversed off 0.7245.
Price was up-trending but is now looking indecisive – the current retrace move has been large and has swung below key support levels. The moving averages confirm the lack of upside momentum – they have crossed bearish. The AUDUSD continues to uptrend on higher time-frames though, suggesting a potential bullish move higher.
Buying opportunities could exist around any of the horizontal levels at 0.7260, 0.7245, 0.7230 and 0.7155. A bullish move may find resistance around the dynamic resistance of the bearish moving averages, around the previous trend support area (as resistance) and around the recent swing high at 0.7425.
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.
A US JOLTS job opening figure will be released at 1500 UTC today.
EURGBP – Bearish move?
The EURGBP reversed around the longer-term moving average and has failed to swing lower, as suggested in our previous analysis.
Price has formed a large bearish move and is currently in a retrace move. The moving averages have crossed bullish, suggesting that the EURGBP could struggle to swing lower. EURGBP recently broke a key support area on higher time-frames though, signalling downside momentum.
Selling opportunities may exist around any of the identified horizontal levels at 0.8330, 0.8355, 0.8370, 0.8380 and 0.8400. A bearish move could be rejected or reverse around the moving averages and around the horizontal levels at 0.8295 and 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? Market indecision?
As suggested in yesterday’s analysis, price has been finding resistance around the longer-term moving average.
The EURUSD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend may continue. EURUSD may start ranging between 10830 and 1.0945 though. Price is also down-trending on higher time-frames.
Shorting opportunities could exist around the longer-term moving average and around the horizontal levels at 1.0945, 1.1065 and 1.1130. A bearish move may find support around the previous trend resistance area and around the recent swing low and potential range support at 1.0830.
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.
A US JOLTS job opening figure will be released at 1500 UTC today.
GBPUSD – Continuation of downtrend? Possible retrace move?
Price has been bearish, as suggested in yesterday’s chart analysis.
The GBPUSD has been clearly down-trending. Price action is currently forming a new swing lower and also a tight range at 1.3090-1.3435. The moving averages are bearish and widening, signalling that the downtrend could continue. The GBPUSD is also down-trending on higher time-frames.
Opportunities to go short may exist around the range resistance area at 1.3135, around the bearish moving averages, around any of the key Fib levels, around the previous support at 1.3275 and around the trend resistance area. A bearish move could stall or reverse around the range support area.
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.
A US JOLTS job opening figure will be released at 1500 UTC today.
USDCAD – Uptrend?
As suggested in our last analysis, USDCAD has been bullish and has swung higher.
Price has swung above the recent consolidation area, signalling a potential uptrend. USDCAD is now in a retrace move. The moving averages confirm the potential upside – they are bullish and widening. Price is also potentially up-trending on higher time-frames also.
Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2810, 1.2770, 1.2745 and 1.2690. A bullish move may stall or reverse around the recent highs at 1.2895.
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.
A US JOLTS job opening figure will be released at 1500 UTC today.
USDCHF – Uptrend?
USDCHF has been bullish.
Price has formed a swing higher and has closed above key resistance levels, suggesting the start of a possible uptrend. The moving averages are bullish and widening – confirming the potential upside. USDCHF continues to move within a large daily horizontal channel at 0.9090-0.9355.
Opportunities to go long may exist around any of the key Fib levels, around the bullish moving averages and around the horizontal levels at 0.9285 and 0.9230. A bullish move could find resistance around 0.9300.
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.
A US JOLTS job opening figure will be released at 1500 UTC today.
USDJPY – Possible uptrend?
As suggested in our previous analysis, price has been bullish.
USDJPY has swung above the recent consolidation area, suggesting the start of an uptrend. The moving averages confirm this – they have crossed bullish. Price may form a retrace move before attempting to swing higher.
Buying opportunities could exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 115.80 and 115.25.
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.
A US JOLTS job opening figure will be released at 1500 UTC today.
XAUUSD – Continuation of uptrend? Potential bearish move?
Price has been bullish and has swung higher, as suggested in our previous chart analysis.
GOLD is up-trending – price action has formed a long series of higher swing highs and higher swing lows. XAUUSD is currently forming a swing higher. The moving averages are bullish and widening, suggesting that the uptrend may continue. Price is around all-time highs, suggesting potential resistance – GOLD may retrace or even reverse.
Long opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 2002, 1974, 1947, 1918 and 1884. A bullish move may become bearish.
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