TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 15, 2021


Previous analysis… https://analysis.dehuifx.com/2021/03/12/triumphfx-intraday-forex-analysis-1-hour-charts-march-12-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, the AUDUSD has been finding support around 0.7725.

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7625, 0.7675, 0.7725, 0.7810, 0.7830 and 0.7690.

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

As suggested in Friday’s chart analysis, the EURGBP reversed around the bearish channel resistance area.

Price continues to move within a bearish channel. Recent price action has been moving sideways but the downtrend could continue. The moving averages still signal indecision – they are tight and moving sideways.

Opportunities to go short may exist around the bearish channel resistance area and around the horizontal levels at 0.8590, 0.8600, 0.8625, 0.8650 and 0.8665. A bearish move could stall or reverse around the horizontal support at 0.8555 and around the bearish channel support area.

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 reversed around 1.1910, as suggested in our last analysis.

The EURUSD has failed to swing higher and is looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the diagonal resistance area and around the horizontal levels at 1.1840, 1.1875, 1.1910, 1.1990 and 1.2100.

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 our last chart analysis, price reversed around 1.3855.

The GBPUSD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.3795, 1.3855, 1.3885, 1.4000 and 1.4090.

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 continued to be bearish and move lower, as suggested in Friday’s chart analysis.

Price is clearly down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. USDCAD is also down-trending on higher time-frames.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.2480, 1.2525 and 1.2565.

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 our last chart analysis, USDCHF is indecisive.

Price is lacking trend direction and is currently moving sideways. The moving averages confirm the market indecision – they are tight and moving sideways. USDCHF is ranging between 0.9230 and 0.9315. Price action is forming a potential inverted head and shoulder pattern, suggesting that price could become bullish.

Trading opportunities may exist around the support and resistance areas of the range and if USDCHF closes out of the range (break-out trade). A break to the downside could find support around 0.9190 and 0.9140. A break to the upside could find resistance around 0.9375.

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 has been bullish.

USDJPY has formed a swing higher – price continues to uptrend. USDJPY has formed a bullish channel and the moving averages are bullish again, all suggesting that the uptrend may continue. Price is nearing key resistance areas on higher time-frames, signalling a potential bearish move.

Buying opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal support at 108.35. A bullish move may be rejected or reverse around the bullish channel resistance area.

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 continues to be indecisive and lack trend momentum.

Price is choppy and indecisive. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1680, 1691, 1701, 1719, 1739, 1754 and 1767.

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