TriumphFX Intraday Forex Analysis – 1 Hour Charts – March 05, 2021
Previous analysis… https://analysis.tfxi.sc/2021/03/04/triumphfx-intraday-forex-analysis-1-hour-chart-march-04-2021/
AUDUSD
As suggested in yesterday’s chart analysis, price has been finding support around 0.7695.
AUDUSD is indecisive and is lacking trend direction. The moving averages have been crossing frequently, confirming the market indecision. If price closes below the consolidation support area at 0.7695, AUDUSD could start down-trending. Price continues to uptrend on higher time-frames.
Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the identified horizontal levels at 0.7695, 0.7750, 0.7830 and 0.7890. Opportunities to go short may exist if price closes below 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.
US non-farm employment change and unemployment rate figures will be released at 1330 UTC today.
EURGBP
Price closed below the range support area and then moved lower, as suggested in yesterday’s chart analysis.
EURGBP has swung below the recent consolidation area, suggesting that price may start down-trending again. The moving averages are bearish and steady, confirming the potential downside.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8625 and 0.8665. A bearish move may may be rejected or reverse around the recent lows at 0.8565.
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 has been bearish.
Price has swung below the recent consolidation area and has formed a bearish channel, all suggesting a potential downtrend. The moving averages confirm this – they have crossed bearish. EURUSD is up-trending on higher time-frames.
Selling opportunities may exist around the bearish channel resistance area, around the bearish moving averages and around the horizontal levels at 1.2000 and 1.2030. A bearish move could find support around the bearish channel support 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 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 non-farm employment change and unemployment rate figures will be released at 1330 UTC today.
GBPUSD
As suggested in yesterday’s chart analysis, GBPUSD reversed around 1.3995 and is ranging.
Price is indecisive and is lacking trend momentum. GBPUSD is ranging between the horizontal support at 1.3865 and the horizontal resistance at 1.3995. The moving averages confirm the current indecision – they are tight and moving sideways.
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 downside may find support around 1.3845 and 1.3780. A break to the upside may find resistance around 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.
US non-farm employment change and unemployment rate figures will be released at 1330 UTC today.
USDCAD
Price has been finding resistance around 1.2690, as suggested in our last chart analysis.
The USDCAD continues to be indecisive and lack trend direction. The moving averages confirm this – they are tight and moving sideways.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2585, 1.2600, 1.2690, 1.2735 and 1.2750.
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.
US non-farm employment change and unemployment rate figures will be released at 1330 UTC today.
USDCHF
As suggested in our last chart analysis, price has been bullish and has swung higher.
The USDCHF is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend may continue. Price is starting to look over-extended though, suggesting a potential bearish move.
Opportunities to go long could exist around the diagonal support areas, around the dynamic support of the moving averages and around the horizontal levels at 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.
US non-farm employment change and unemployment rate figures will be released at 1330 UTC today.
USDJPY
The USDJPY has continued to be bullish and move higher, as suggested in yesterday’s chart analysis.
Price is clearly up-trending. The moving averages are bullish and widening, suggesting that the uptrend could continue. The USDJPY is starting to look over-extended, signalling a potential bearish retrace move.
Long opportunities may exist around any of the key Fib levels and around the bullish move averages.
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 non-farm employment change and unemployment rate figures will be released at 1330 UTC today.
XAUUSD
As suggested in yesterday’s chart analysis, GOLD reversed around the diagonal resistance area and has swung lower.
Price is clearly down-trending. The moving averages are bearish and steady, signalling that the downtrend may continue.
Opportunities to go short could exist around the diagonal resistance areas, around the dynamic resistance of the moving averages and around any of the horizontal levels at 1719, 1738, 1754 and 1767.
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