TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 02, 2021
Previous analysis… https://analysis.tfxi.sc/
AUDUSD
As suggested in our last chart analysis, price has been finding resistance around the shorter-term moving average.
AUDUSD has formed a large bearish move and is currently in a retrace phase. The moving averages are bearish and widening, signalling that price could attempt to move lower. AUDUSD is up-trending on higher time-frames.
Selling opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.7785, 0.7805 and 0.7890. A bearish move could find support around 0.7695.
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.
An Australian GDP figure will be released at 0030 UTC.
EURGBP
Price has been moving sideways, as suggested in yesterday’s chart analysis.
EURGBP is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are tightening and moving sideways. Price is also indecisive on higher time-frames.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.8565, 0.8630, 0.8720, 0.8735 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
As suggested in yesterday’s chart analysis, EURUSD found support around 1.2030.
Price has since been bearish and has closed below the support area. EURUSD is below the recent consolidation and the moving averages are bearish and widening, all suggesting that price could start down-trending.
Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the horizontal levels at 1.2025 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 has been bearish, as suggested in yesterday’s chart analysis.
Price action has formed a series of lower swing highs and lower swing lows – GBPUSD is down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is up-trending on higher time-frames, suggesting that GBPUSD may become bullish.
Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.3890, 1.3995 and 1.4090. A bearish move may stall or reverse around the horizontal support levels at 1.3845 and 1.3775.
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
As suggested in our last chart analysis, price reversed around 1.2640.
USDCAD continues to be indecisive and lack trend direction. The moving averages are currently bullish, suggesting a potential upside move.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2585, 1.2640, 1.2735 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
Price has been bullish and has swung higher, as suggested in yesterday’s chart analysis.
USDCHF is clearly up-trending. The moving averages are bullish and widening, suggesting that the uptrend may continue. Price is starting to look a little over-extended, signalling a potential retrace move.
Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous swing high at 0.9090.
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
As suggested in yesterday’s chart analysis, USDJPY has continued to be bullish and move higher.
Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.
Long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 106.15 and 105.80.
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
GOLD has been bearish, as suggested in our last chart analysis.
Price is clearly down-trending. GOLD is currently forming a lower swing low. The moving averages are bearish and steady, suggesting that the downtrend may continue.
Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1754, 1767 and 1785. GOLD may be rejected or reverse around the recent lows at 1712.
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