TriumphFX Forex Analysis – USD Pairs – January, February & March 2021


Previous analysis… https://analysis.dehuifx.com/2020/10/07/triumphfx-forex-analysis-usd-pairs-october-november-december-2020/

AUDUSD – Daily and 4 Hour Charts 

AUDUSD Daily Chart
AUDUSD 4 Hourly Chart

Price reversed around the 23.6% daily Fib level and has since swung higher, as suggested in our last USD chart analysis.

The AUDUSD is up-trending on the daily time-frame. Price is currently forming a swing higher. The moving averages are bullish and steady, signalling that the upside direction could continue.

On the 4 hour time-frame, the AUDUSD is also up-trending.

Buying opportunities may exist around the daily and 4 hourly trend support areas, around the daily and 4 hourly bullish moving averages and around any of the horizontal levels at 0.7515, 0.7375, 0.7330, 0.7220 and 0.7020.

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.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.

EURUSD – Daily and 4 Hour Charts

EURUSD Daily Chart
EURUSD 4 Hourly Chart

The EURUSD has been bullish and has swung higher, as suggested in our last USD chart analysis.

On the daily chart, price is clearly up-trending and is currently forming a swing higher. Price action has formed a bullish channel, suggesting that the upside direction could continue. The daily moving averages confirm this – they are bullish and steady.

EURUSD is up-trending on the 4 hour chart also. The moving averages are bullish and widening.

Long opportunities may exist around the dynamic support of the 4 hour and daily moving averages, around the daily bullish channel support area and around the horizontal levels at 1.2170, 1.2070, 1.1950, 1.1900, 1.1815, 1.1755, 1.1615 and 1.1400. A bullish move could be rejected or reverse around the bullish channel resistance area.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

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.

GBPUSD – Daily and 4 hour Charts

GBPUSD Daily Chart
GBPUSD 4 Hourly Chart

GBPUSD has been reversing around the trend support area and has continued to swing higher, as suggested in our last GBPUSD analysis.

On the daily chart, price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady and GBPUSD recently swung above a key resistance area, all signalling that the upside direction could continue.

GBPUSD is also up-trending on the 4 hour chart.

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.

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.

USDCAD – Daily and 4 Hour Charts

USDCAD Daily Chart
USDCAD 4 Hourly Chart

USDCAD has been bearish.

The daily chart is showing a clear downtrend. Price is moving within a bearish channel and currently testing the channel support area. The daily moving averages are bearish and steady, signalling that the downtrend could continue.

Price is also down-trending on the 4 hour chart.

Opportunities to go short may exist around the 4 hour trend resistance area, the daily bearish channel resistance area, around the 4 hour and daily moving averages and around the horizontal levels at 1.2960, 1.3165, 1.3385 and 1.3690. USDCAD could stall or reverse around the daily bearish channel support area.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

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.

USDCHF – Daily and 4 Hour Charts

USDCHF Daily Chart
USDCHF 4 Hourly Chart

As suggested in our last USD chart analysis, price has been bearish and has swung lower.

The USDCHF is down-trending on lower time-frames and is currently forming a swing lower. The moving averages are bearish and steady, signalling that the downtrend may continue.

On the 4 hour time-frame, price is also down-trending and forming a swing lower. The moving averages are bearish and widening.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8980, 0.9190 and 0.9285.

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 at least 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.

USDJPY – Daily and 4 Hour Charts

USDJPY Daily Chart
USDJPY 4 Hourly Chart

The USDJPY has been reversing off the daily bearish channel resistance area and has been swinging lower, as suggested in our last USDJPY chart analysis.

Price continues to downtrend on the daily time-frame. USDJPY is moving within a bearish channel. The daily moving averages are bearish and steady, suggesting that the downtrend could continue. Price has been finding support around the key support level at 103.10 though, signalling a potential bullish reversal area.

USDJPY is down-trending on the 4 hour time-frame also.

Opportunities to go short may exist around the bearish channel resistance area, around the dynamic resistance of the 4 hour and daily moving averages and around any of the horizontal levels at 104.55, 104.75, 105.40, 105.65, 106.00, 106.95, 108.00 and 109.60. A bearish move could be rejected or reverse around 103.10 and around the bearish channel support area.

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.

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.

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