TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 30, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish.

The AUDUSD is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, suggesting that the downside direction could continue. Price is also down-trending on higher time-frames.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7070, 0.7090, 0.7100 and 0.7150. A bearish move could stall or reverse around 0.7005.

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.

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

EURGBP

EURGBP 1 Hour Chart

Price has reversed around 0.9015, as suggested in yesterday’s chart analysis.

The EURGBP continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages, around the previous diagonal resistance area (as support) and around any of the horizontal levels at 0.9010, 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.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURUSD has been bearish and has swung lower.

Price is down-trending. The moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1695, 1.1705, 1.1725, 1.1755 and 1.1800. A bearish move could find support around 1.1655.

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%.

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

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD reversed around the moving averages and has swung lower, as suggested in yesterday’s chart analysis.

Price is currently finding support around 1.2885 (as also suggested). The GBPUSD is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue. Price action has formed a bearish channel.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2940, 1.3020, 1.3070 and 1.3090. A bearish move may stall or reverse around the channel support area and around the horizontal support at 1.2885.

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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the shorter-term moving average.

USDCAD is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Opportunities to go long may exist around the dynamic support of the moving averages, around the support and resistance areas of the previous bullish channel and around the horizontal levels at 1.3280, 1.3245 and 1.3220. A bullish move could find resistance around 1.3365.

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 Canadian GBP figure will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has swung higher, as suggested in yesterday’s chart analysis.

USDCHF is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. Price is down-trending on higher time-frames, signalling that USDCHF may become bearish.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9120 and 0.9080. A bullish move may find resistance around 0.9170 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.

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

USDJPY

USDJPY 1 Hour Chart

USDJPY has been moving sideways.

Price has become indecisive and is ranging between the recent lows at 104.10 and the recent high at 104.70. The moving averages are moving sideways, confirming the current indecision.

Trading opportunities may exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the upside could find resistance around 105.00, 105.05 and 105.20.

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.

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

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD has swung lower.

Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may 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 1883, 1890 and 1893. GOLD could find support around 1864.

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