TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 19, 2021


Previous analysis… https://analysis.dehuifx.com/2021/03/18/triumphfx-intraday-forex-analysis-1-hour-charts-march-18-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the bullish channel resistance and support areas.

AUDUSD continues to look indecisive but is showing signs of a potential uptrend – price action has been forming higher swing highs and lows and has also formed a bullish channel. The moving averages continue to signal market indecision though – they are moving sideways. AUDUSD is up-trending on higher time-frames.

Buying opportunities could exist around the bullish channel support area and around the horizontal support levels at 0.7700, 0.7680 and 0.7625. A bullish move may be rejected or reverse around the moving averages, around the channel resistance area and around the horizontal resistance levels at 0.7790 and 0.7840.

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 continues to be indecisive.

EURGBP is lacking trend direction and is moving sideways. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8535, 0.8595, 0.8630 and 0.8650.

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

EURUSD continues to move sideways.

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

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1840, 1.1875, 1.1890, 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

GBPUSD has been moving sideways.

Price continues to be indecisive and range between 1.3795 and 1.3995. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. GBPUSD is up-trending on higher time-frames, signalling that price could become bullish.

Trading opportunities may exist around the diagonal support area, around the support and resistance areas of the range and if price moves out of the range (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.

There is no major scheduled news today that will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around 1.2525.

The USDCAD has been down-trending but the recent bullish move swung above some key resistance levels – the downtrend may now be over. The moving averages are signalling indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2380, 1.2440, 1.2525, 1.2565, 1.2585 and 1.2600.

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 reversed around the bearish channel resistance area, as suggested in yesterday’s chart analysis.

The USDCHF continues to be indecisive. The moving averages confirm the indecision – they have been crossing frequently and are currently moving sideways. Price action has formed a bearish channel, signalling a potential downtrend.

Selling opportunities may exist around the bearish channel resistance area and around the horizontal resistance levels at 0.9295, 0.9315 and 0.9375. A bearish move could stall or reverse around the channel support area and around the horizontal levels at 0.9220, 0.9190 and 0.9140.

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

As suggested in yesterday’s chart analysis, the USDJPY reversed around the support and resistance areas of the tight horizontal channel.

Price has since closed below the horizontal channel, signalling potential downside. The moving averages continue to cross frequently and move sideways, signalling market indecision. Price action has formed a bullish channel, suggesting potential upside. There are mixed signals for USDJPY.

Trading opportunities could exist around the support and resistance areas of the bullish channel, around the moving averages and around any of the horizontal levels at 108.35, 108.80 and 109.25.

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 reversed around the trend support area and horizontal level at 1719, as suggested in our last chart analysis.

Price is up-trending – GOLD has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, confirming the potential upside.

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

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