TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 06, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, price has reversed off the horizontal channel resistance area. AUDUSD is currently indecisive and moving within a horizontal at 0.6875-0.6925. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the downside may find support around the horizontal support at 0.6815.

The Reserve Bank of Australia (RBA) has cut rates again by 0.25% to 0.75% (a record low). The current low rate is needed to help reduce the unemployment rate and stimulate economy . It is likely that official rate will stay low and may even be cut further. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

EURGBP – 1 Hour Chart

 

Price reversed around the symmetrical triangle resistance area (as suggested in yesterday’s chart analysis). The EURGBP has since closed below the symmetrical triangle support area, suggesting that price could start down-trending. The moving averages are about to cross bearish – confirming the potential downside.

Opportunities to go short may exist around the previous support and resistance areas of the triangle, around the dynamic resistance of the moving averages and around the horizontal levels at 0.8615, 0.8645, 0.8665 and 0.8685.

The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. The official rate could see a limited and gradual increase if there is a smooth Brexit and economic indicators continue to show growth. Brexit deal talks are progressing positively, given strength to the GBP. The European Central Bank (ECB) have cut economic forecasts, some economists predicting that Europe is heading for recession. The official rate continues to be at the record low of 0.00%. This is likely to stay unchanged until the 2nd quarter of 2020.

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

 

EURUSD – 1 Hour Chart 

 

EURUSD has closed below the range support area. Price is below the recent consolidation and the moving averages are bearish and widening, all signalling that EURUSD may start down-trending.

Shorting opportunities could exist around the bearish moving averages and around any of the horizontal levels at 1.1105, 1.1130 and 1.1175. A bearish move may stall or reverse around 1.1075.

The European Central Bank (ECB) have cut economic forecasts, some economists predicting that Europe is heading for recession. The official rate continues to be at the record low of 0.00%. This is likely to stay unchanged until the 2nd quarter of 2020. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

GBPUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, GBPUSD reversed around the moving averages. Price continues to be indecisive and lack trend momentum. The moving averages continue to cross and move sideways – confirming the market indecision.

Trading opportunities may exist around any of the horizontal levels at 1.2705, 1.2770, 1.2810, 1.2970 and 1.3000.

The Bank of England (BOE) continues to hold interest rates at 0.75% – 50 base points higher than the 2016 & 2017 low of 0.25%. The official rate could see a limited and gradual increase if there is a smooth Brexit and economic indicators continue to show growth. Brexit deal talks are progressing positively, giving strength to the GBP. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

NZDUSD – 1 Hour Chart

 

Price reversed around the shorter-term moving average (as suggested in yesterday’s chart analysis). The NZDUSD has swung below the trend support area and the moving averages have crossed bearish, signalling that the recent uptrend is coming to an end.

Trading opportunities could exist around the previous trend support area (as resistance), around the moving averages and around the horizontal levels at 0.6310, 0.6335, 0.6370, 0.6385, 0.6430 and 0.6465.

The Reserve Bank of New Zealand (RBNZ) have cut rates further to a record low of 1.00%. Due to poor economic indicators, there are no forecast rate hikes in the near future. The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions.

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

 

USDCAD – 1 Hour Chart 

 

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 1.3115. The USDCAD continues to be choppy and indecisive. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around any of the identified horizontal levels at 1.3050, 1.3080, 1.3115, 13130 and 1.3185.

The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions. The Bank of Canada (BOC) continues to raise interest rates at a steady pace. The current rate is 1.75% – it’s highest since December 2008. The economy is currently performing well and inflation targets are currently at their potential, meaning that the rate of 1.75% may not change in the near future.

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

 

USDCHF – 1 Hour Chart

 

USDCHF continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9840, 0.9850 and 0.9965.

The US Federal Open Market Committee (FOMC) has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions. The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy was stagnant throughout late 2018 but has been showing signs of positive momentum in 2019. The Swiss Franc continues to be highly valued, especially due to the current global uncertainties around Brexit and the US. The SNB has announced that it will continue to intervene with in foreign exchange markets.

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

 

USDJPY – 1 Hour Chart

 

The USDJPY has been bullish. Price action has formed a higher swing high and the moving averages are bullish and widening, all suggesting that the USDJPY could start up-trending.

Opportunities to go long may exist around the dynamic support of the moving averages, around any key Fib levels and around the horizontal levels at 108.85, 108.70 and 108.30. A bullish move could be rejected or reverse around the horizontal resistance levels at 109.00 and 109.25.

The US Federal Open Market Committee (FOMC)  has cut rates by a further 25 points due to heightened concerns regarding the economy and ongoing trade tensions with China. The current Fed Funds rate is 2.00%. Pressures of economic recession and from the US President may lead to further rate reductions. The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy was under-performing in 2018 but is currently seeing signs of moderate expansion.

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

 

XAUUSD – 1 Hour Chart

 

Price has been very bearish but continues to be indecisive and lack trend momentum. The moving averages confirm the indecision – they continue to cross frequently.

Trading opportunities could exist around the previous diagonal support area (as resistance), around the moving averages and around the horizontal levels at 1478, 1481, 1486 and 1496.

 

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