TriumphFX Intraday Forex Analysis – 1 Hour Chart – February 16, 2021


Previous analysis… https://analysis.dehuifx.com/2021/02/15/triumphfx-intraday-forex-analysis-1-hour-charts-february-15-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher.

AUDUSD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. Price action has formed a bullish channel and price is moving within the channel.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7765, 0.7720, 0.7710 and 0.7695. A bullish move could be rejected or reverse around the channel resistance area and around the recent highs at 0.7805.

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

EURGBP 1 Hour Chart

Price has been bearish, as suggested in yesterday’s chart analysis.

EURGBP continues to downtrend and form swings lower. Price is currently entering a retrace move. The moving averages are bearish and widening, suggesting that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the previous horizontal support levels at 0.8745 and 0.8755.

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

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, EURUSD has been finding support around the trend support area and around the moving averages.

Price continues to be indecisive and lack trend momentum. EURUSD has formed higher swing lows, signalling that price could move higher. Price is up-trending on higher time-frames.

Long opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 1.2085 and 1.2055. A bullish move could be rejected or reverse around the horizontal resistance levels at 1.2150 and 1.2165.

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 1 Hour Chart

GBPUSD has continued to be bullish and move higher, as suggested in our last chart analysis.

Price is up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue. GBPUSD is also up-trending on higher time-frames.

Opportunities to go long could exist around the dynamic support of the moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 1.3855 and 1.3775. A bullish move may stall or reverse around the recent highs at 1.3950.

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

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price has reversed around the bearish channel support area.

The USDCAD is down-trending within a bearish channel. The moving averages are bearish and widening, suggesting that the downtrend could continue.

Shorting opportunities may exist around the bearish moving averages, around the channel resistance area and around the horizontal levels at 1.2670 and 1.2755. A bearish move could continue to find support around the channel support area.

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 

USDCHF 1 Hour Chart

Price has been bearish.

The USDCHF has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages are still tight and moving sideways, suggesting market indecision.

Opportunities to go short could exist around the moving averages, around the trend resistance area and around the horizontal levels at 0.8890 and 0.8935. A bearish move may be rejected or reverse around the horizontal support levels at 0.8875 and 0.8860.

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

USDJPY 1 Hour Chart

The USDJPY has been bullish.

Price continues to be indecisive but has been bullish. The moving averages are bullish and widening though, suggesting that the USDJPY could move higher.

Buying opportunities may exist around the trend support area, around the bullish moving averages and around the horizontal levels at 105.15 and 104.85. A bullish move could find resistance around the recent highs and consolidation resistance at 105.70.

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

XAUUSD 1 Hour Chart

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

Price continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently, confirming the market indecision. GOLD is currently ranging between 1814 and 1828.

Trading opportunities could 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 may find resistance around the diagonal resistance area and around 1833, 1851 and 1865. A break to the downside may find support around 1786.

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