TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 29, 2020
AUDUSD
As suggested in yesterday’s chart analysis, AUDUSD closed below the range support area and has since been bearish.
Price is below the recent consolidation area and the moving averages have crossed bearish, all signalling that AUDUSD may start down-trending.
Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7090, 0.7100, 0.7150 and 0.7185. A bearish move may find support around 0.7030.
The Reserve Bank of Australia (RBA) have kept rates at 0.25% (a record low). Policymakers are now focused on economic recovery created by the COVID-19 crisis. The board believe they recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
A US GDP figure will be released at 1230 UTC today.
EURGBP
EURGBP reversed around the diagonal resistance area, as suggested in yesterday’s chart analysis.
Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. If EURGBP closes below 0.9015, price could attempt a bearish move lower.
Trading opportunities may exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 0.9015, 0.9060, 0.9085, 0.9100, 0.9110, 0.9120 and 0.9145.
The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.
The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.
The ECB will announce the main interest rate and release a rate statement at 1245 UTC today. This is followed by a press conference at 1330 UTC.
EURUSD
As suggested in yesterday’s chart analysis, price has been bearish.
EURUSD is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is currently in a retrace phase. EURUSD is up-trending on higher time-frames, suggesting that price may become bullish.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the trend resistance area and around the horizontal levels at 1.1800, 1.1835 and 1.1865. A bearish move may be rejected or reverse around any of the horizontal support levels at 1.1725, 1.1705 and 1.1695.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.
A US GDP figure will be released at 1230 UTC today. The ECB will announce the main interest rate and release a rate statement at 1245 UTC. This is followed by a press conference at 1330 UTC.
GBPUSD
Price broke to the downside of the range and then reversed around 1.2925, as suggested in yesterday’s chart analysis.
GBPUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is also indecisive on higher time-frames, providing no clear indication of future price direction.
Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2865, 1.2885, 1.2925, 1.3070, 1.3090, 1.3165.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.
A US GDP figure will be released at 1230 UTC today.
USDCAD
As suggested in yesterday’s chart analysis, the USDCAD has been bullish and has found resistance around 1.3335.
Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. The USDCAD is also up-trending on higher time-frames.
Buying opportunities could exist around the dynamic support of the moving averages, around the previous support and resistance areas of the bullish channel and around the horizontal levels at 1.3245, 1.3220 and 1.3145. A bullish move may stall or reverse around the recent swing high at 1.3325.
The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Policymakers have announced that there are signs of some recovery after the economic crisis caused by COVID-19 but the BOC will continue their quantitative easing program. The BOC are expecting to see economic growth from 2021 onward.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
A US GDP figure will be released at 1230 UTC today.
USDCHF
The USDCHF has reversed around the trend support area and the shorter-term moving average, as suggested in yesterday’s chart analysis.
Price is up-trending. The moving averages are bullish and widening, suggesting that the uptrend could continue. The USDCHF is down-trending on higher time-frames, suggesting that price could attempt a bearish move.
Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9080, 0.9060 and 0.9035. A bullish move could find resistance around any of the horizontal resistance levels at 0.9120, 0.9165 and 0.9185.
The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy continues to be stagnant. The economy was showing signs of positive momentum but COVID-19 is causing the economic to contraction. The Swiss Franc continues to be highly valued as a safe-haven currency. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
A US GDP figure will be released at 1230 UTC today.
USDJPY
As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average and trend resistance area.
The USDJPY is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is also down-trending on higher time-frames but is at key support.
Opportunities to go short could exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 104.60, 105.00, 105.05 and 105.20. A bearish move may find support around the recent lows at 104.15.
The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.
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.
A US GDP figure will be released at 1230 UTC today.
XAUUSD
Price closed below the range support area and has since been bearish, as suggested in yesterday’s chart analysis.
GOLD is below the recent consolidation area and has formed lower swing highs and lower swing lows, all signalling that price could start down-trending. The moving averages confirm the potential downside – they are bearish and widening.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1890, 1893 and 1911. A bearish move could find support around 1872.
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