TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 18, 2021


Previous analysis… https://analysis.dehuifx.com/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD reversed around the diagonal support area. As also suggested, price has been finding resistance around 0.7765.

Price was up-trending but is starting to look indecisive. The moving averages are tight – confirming the market indecision. The AUDUSD is up-trending on higher time-frames but may be due a bearish retrace move, suggesting that price may become bearish on the 1 hour time-frame.

Trading opportunities could exist around the moving averages, around the diagonal support and resistance areas and around the horizontal levels at 0.7640, 0.7695, 0.7710, 0.7720, 0.7765 and 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

The EURGBP has reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.

Price is clearly down-trending and is currently pushing lower. The moving averages are bearish and steady, signalling that the downside direction could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around 0.8735, 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

Price has been bearish.

The EURUSD is now in a retrace move. The moving averages are bearish and widening and price action has formed a lower swing low, all suggesting that price may start down-trending.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around 1.2085. A bearish move may continue to find support around 1.2025.

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

As suggested in yesterday’s chart analysis, price has been finding support around the 61.8% Fib level.

The GBPUSD is up-trending and is currently in a retrace move. The moving averages are tightening and moving sideways, suggesting that price could struggle to swing higher – price could become indecisive.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3775 and 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

USDCAD has been moving sideways.

Price was down-trending within a bearish channel but has now become indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2610, 1.2670, 1.2730 and 1.2755.

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

As suggested in yesterday’s chart analysis, USDCHF has been bullish.

Price has formed a swing higher, suggesting a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening.

Opportunities to go long may exist around any of the key Fib levels, around the dynamic support of the moving averages and around 0.8935. A bullish move higher could be rejected or reverse around the horizontal resistance levels at 0.9015 and 0.9045.

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

Price found resistance around 106.15, as suggested in yesterday’s chart analysis.

USDJPY is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around the trend support area, around the longer-term moving average and around the horizontal levels at 105.15 and 104.85. A bullish move may stall or reverse around the shorter-term moving average and around the recent swing high at 106.15.

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

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

GOLD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the diagonal resistance areas and around the horizontal levels at 1786, 1814 and 1828.

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