TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 17, 2021


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

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has been finding support around 0.7720.

AUDUSD continues to be indecisive. The moving averages confirm the market indecision – they are tight and moving sideways. Price is ranging between 0.7720 and 0.7755. AUDUSD is up-trending on higher time-frames, suggesting that price may attempt a bullish move.

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 0.7810, 0.7830 and 0.7890. A break to the downside may find support around 0.7675 and 0.7625.

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.

US FOMC projections and statement will be released at 1800 UTC today. This is followed be a press conference at 1830 UTC. Australian employment change and unemployment rate figures will be announced at 0030 UTC.

EURGBP

EURGBP 1 Hour Chart

Price is currently finding support around 0.8555, as suggested in yesterday’s chart analysis.

EURGBP continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways – confirming the market indecision. If price closes below the recent lows at 0.8555, EURGBP could attempt a bearish move lower.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8555, 0.8595, 0.8630, 0.8650 and 0.8665. Selling opportunities may exist if price closes below 0.8555.

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 moving sideways.

Price continues to be indecisive and lack trend direction. Price action has formed a bearish channel, but overall EURUSD is moving sideways. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bearish channel and around any of the identified horizontal levels at 1.1840, 1.1875, 1.1910, 1.1960, 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.

US FOMC projections and statement will be released at 1800 UTC today. This is followed be a press conference at 1830 UTC.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD reversed around the horizontal channel support area, as suggested in yesterday’s chart analysis.

Price continues to lack trend momentum and be indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. GBPUSD is moving within a large horizontal channel at 1.3795-1.3995.

Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade).

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.

US FOMC projections and statement will be released at 1800 UTC today. This is followed be a press conference at 1830 UTC.

USDCAD

USDCAD 1 Hour Chart

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

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

Shorting opportunities could exist around the bearish moving averages and around the horizontal levels at 1.2495, 1.2525, 1.2565, 1.2585 and 1.2600. The USDCAD may be rejected or reverse around the recent lows at 1.2440.

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.

A Canadian CPI figure will be released at 1230 UTC today. US FOMC projections and statement will be released at 1800 UTC. This is followed be a press conference at 1830 UTC.

USDCHF 

USDCHF 1 Hour Chart

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

The USDCHF continues to be indecisive and lack trend momentum. The moving averages are tight and crossing frequently – confirming the market indecision. Price action has formed a horizontal channel at 0.9230-0.9315 and the USDCHF is moving within the channel.

Trading opportunities may exist around the support and resistance areas of the channel and if price closes out of the channel (break-out trade). A break to the upside could find resistance around 0.9375. A break to the downside may find support around 0.9190, 0.9140 and 0.9095.

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.

US FOMC projections and statement will be released at 1800 UTC today. This is followed be a press conference at 1830 UTC.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDJPY found support around the shorter-term moving average.

Price is up-trending within a bullish channel. The moving averages are tight and moving sideways though, suggesting indecision.

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 recent highs at 109.25 and around the 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.

US FOMC projections and statement will be released at 1800 UTC today. This is followed be a press conference at 1830 UTC.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been finding resistance around 1739, as suggested in our last analysis.

Price continues to be indecisive. Price action has formed a higher swing low though and the moving averages are slightly bullish, signalling that GOLD could attempt a bullish move.

Long opportunities may exist around the moving averages, around the diagonal support area and around the horizontal support levels at 1719, 1701 and 1691. A bullish move could stall or reverse around 1739, 1754 and 1785.

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