TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 29, 2019


 

AUDUSD – 1 Hour Chart

 

As suggested in yesterday’s chart analysis, the AUDUSD is currently finding resistance around the bearish channel resistance area and the longer-term moving average. Price is down-trending within a bearish channel and is currently in a retrace phase. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the longer-term moving average, around the channel resistance area and around the horizontal levels at 0.6790 and 0.6800. A bearish move could stall or reverse around the horizontal support levels at 0.6770 and 0.6760 and around the channel support area.

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

 

The EURGBP has been finding resistance around the previous support at 0.8530 (as suggested in yesterday’s chart analysis). Price is down-trending and has formed a bearish channel. The moving averages are bearish and widening, signalling that the downside direction may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8530, 0.8545 and 0.8580. A bearish move may find support around the recent swing low at 0.8500 and the channel support are.

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 

 

As suggested in yesterday’s chart analysis, price has been finding resistance around the longer-term moving average. The EURUSD continues to lack trend direction and be indecisive. The moving averages are tightening and starting to move sideways – confirming the indecision.

Trading opportunities may exist around the moving averages and around the identified horizontal levels at 1.0990, 1.0995, 1.1025 and 1.1040.

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

 

Price continues to be indecisive. Price action has formed a higher swing high and the moving averages have become bullish, suggesting that the GBPUSD may swing higher.

Buying opportunities could exist around the moving averages, around the diagonal support area and around the horizontal levels at 1.2910, 1.2895 and 1.2885. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.2945 and 1.2970.

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

 

NZDUSD continues to be indecisive and move within the range and horizontal channel at 0.6395-0.6435. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may 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 could find support around 0.6385 and 0.6365.

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, USDCAD has been finding support around the bullish channel support area. Price continues to move within a large bullish channel and also range between 1.3260-1.3325. The moving averages have been crossing frequently and moving sideways – confirming market indecision.

Trading opportunities could exist around the bullish channel support area, around the diagonal resistance area and around the horizontal levels at 1.3260 and 1.3325.

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.

A Canadian GDP figure will be released at 1330 UTC today.

 

USDCHF – 1 Hour Chart

 

Price has been finding support around 0.9985 (as suggested in yesterday’s chart analysis). USDCHF is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around the longer-term moving average and around the horizontal levels at 0.9980 and 0.9960. A bullish move could be rejected or reverse around 0.9995.

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

 

As suggested in yesterday’s chart analysis, price has been rejected at 109.60. The USDJPY is up-trending. The moving averages are bullish and widening, signalling that the upside direction may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area, if price closes above 109.60 and around the horizontal levels at 109.25 and 109.10. Price may continue to find resistance around 109.60.

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

 

GOLD has become indecisive and is ranging between 1453 and 1462. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if GOLD closes out of the range (break-out trade). A break to the downside could find support around 1449. A break to the upside could find resistance around 1474 and 1478.

 

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