TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 05, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around 0.7195.

The AUDUSD is looking choppy but is also forming higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening. Price is currently ranging between 0.7075 and 0.7195.

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).

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 FOMC will release a rate statement at 1900 UTC today. This is followed by a press conference at 1930 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has reversed around 0.9060, as suggested in yesterday’s chart analysis.

The EURGBP has broken the recent trend resistance area and has formed a higher swing high, all signalling that the recent downtrend could be over. The moving averages are tight and moving sideways, suggesting market indecision.

Trading opportunities may exist around the previous trend resistance area (as support), around the moving averages and around the horizontal levels at 0.8960, 0.8985, 0.9060, 0.9085, 0.9100, 0.9110 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 BOE will release a monetary policy summary and announce the official bank rate at 0700 UTC today.

EURUSD

EURUSD 1 Hour Chart

The EURUSD has been bullish.

Price is looking indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently. The EURUSD is up-trending on higher time-frames, suggesting that price may attempt a bullish move. Price is currently ranging between 1.1620 and 1.1760.

Trading opportunities could exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade). A break to the upside may find resistance around 1.1800, 1.1835, 1.1865 and 1.1875.

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 FOMC will release a rate statement at 1900 UTC today. This is followed by a press conference at 1930 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD has been indecisive.

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

Trading opportunities may exist around any of the horizontal levels at 1.2860, 1.2925, 1.3040, 1.3070, 1.3120 and 1.3160.

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 BOE will release a monetary policy summary and announce the official bank rate at 0700 UTC today. The FOMC will release a rate statement at 1900 UTC. This is followed by a press conference at 1930 UTC.

USDCAD

USDCAD 1 Hour Chart

Price reversed around 1.3280, as suggested in yesterday’s chart analysis.

USDCAD has become indecisive, just like other USD pairs. The moving averages are bearish and steady, signalling a potential downside move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.3090, 1.3100, 1.3280 and 1.3365. If price closes below 1.3090, USDCAD may attempt a bearish move lower.

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 FOMC will release a rate statement at 1900 UTC today. This is followed by a press conference at 1930 UTC.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been rejected around 0.9105 and 0.9090.

USDCHF is looking indecisive. Price action has formed a potential bearish channel though and the moving averages are bearish and widening, suggesting that USDCHF could start down-trending. Price is also down-trending on higher time-frames, adding confidence to a potential downside move.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 0.9175 and 0.9200. A bearish move could stall or reverse around the channel support area and around the horizontal support levels at 0.9105, 0.9090, 0.9060 and 0.9035.

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 FOMC will release a rate statement at 1900 UTC today. This is followed by a press conference at 1930 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been bearish.

Price has become indecisive, just like other USD pairs. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. Price action has formed a bullish channel.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bearish channel and around the horizontal levels at 104.10, 104.15, 104.90, 105.00 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 FOMC will release a rate statement at 1900 UTC today. This is followed by a press conference at 1930 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD reversed around 1888 and around the longer-term moving average.

Price has been indecisive but is currently bullish. The moving averages are bullish and steady, suggesting that the upside direction could continue. GOLD is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal support level at 1889. A bullish move could be rejected or reverse around 1915 and 1927.

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