TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 03, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has become indecisive and is lacking trend direction.

The AUDUSD is indecisive. Price is ranging between 0.7000 and 0.7070. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). A break to the upside may find resistance around the horizontal levels at 0.7090, 0.7100, 0.7150 and 0.7185.

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.

The US election result will likely be released between 0700-0900 UTC tomorrow.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the diagonal resistance area and around 0.9050, as suggested in yesterday’s chart analysis.

The EURGBP continues to be indecisive but also slightly bearish. Price is currently ranging between 0.8985-0.9050. The moving averages are bearish and steady, suggesting that the downside direction could continue.

Opportunities to go short may exist around the bearish moving averages, around the diagonal resistance area and around the horizontal resistance levels at 0.9050, 0.9060, 0.9085 and 0.9100. A bearish move could find support around 0.8985.

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.

Price is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend may continue. The EURUSD is up-trending on higher time-frames.

Shorting opportunities could exist around the longer-term moving average and around the horizontal levels at 1.1700, 1.1725, 1.1755 and 1.1800. A bearish move may be rejected or reverse around the shorter-term moving average and around the recent swing low at 1.1625.

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%.

The US election result will likely be released between 0700-0900 UTC tomorrow.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD found resistance around the bearish channel resistance area, as suggested in yesterday’s chart analysis.

Price has been down-trending within a bearish channel but is currently attempting a move above the channel resistance area, signalling that the current downtrend could becoming to an end. The moving averages are still bearish though, suggesting further downside.

Trading opportunities may exist around the moving averages, around the previous resistance area of the bearish channel and around the horizontal levels at 1.2860, 1.2985, 1.3020, 1.3070 and 1.3090.

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.

The US election result will likely be released between 0700-0900 UTC tomorrow.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price broke below the range support and was bearish. As also suggested, price has been finding support around the diagonal support area.

USDCAD was up-trending but has recently been looking indecisive. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities could exist around the trend support area and around the horizontal levels at 1.3090, 1.3115, 1.3145, 1.3280 and 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.

The US election result will likely be released between 0700-0900 UTC tomorrow.

USDCHF 

USDCHF 1 Hour Chart

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

USDCHF is up-trending. Price is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend could continue. USDCHF is down-trending on higher time-frames, suggesting that price could suddenly become bearish.

Opportunities to go long may exist around the dynamic support of the moving averages and around the horizontal levels at 0.9120, 0.9090 and 0.9060.

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.

The US election result will likely be released between 0700-0900 UTC tomorrow.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been bearish.

Price is indecisive and is lacking trend direction. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 104.10, 104.15, 104.90, 105.00, 105.05 and 105.20.

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.

The US election result will likely be released between 0700-0900 UTC tomorrow.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD reversed around the diagonal resistance area.

Price has been down-trending. GOLD is currently in a retrace phase but is looking indecisive, suggesting that price could struggle to swing lower. The moving averages are tight and moving sideways, confirming the market indecision. GOLD is up-trending on higher time-frames, signalling that price could become bullish.

Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 1864, 1888, 1911 and 1931.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/