TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 06, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD closed above the range resistance area and has since been bullish.

Price is above the recent consolidation area and is forming higher swing highs and lows – AUDUSD is up-trending. The moving averages are bullish and steady, suggesting that the trend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.7195 and 0.7075. AUDUSD could find resistance around the recent highs at 0.7285.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

EURGBP found support around 0.8985, as suggested in yesterday’s chart analysis.

Price has become indecisive. The moving averages are moving sideways, confirming the current indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8960, 0.8985, 0.9060, 0.9085, 0.9100 and 0.9110.

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, price has been bullish.

EURUSD continues to look indecisive though. The moving averages are bullish and widening and price is up-trending on higher time-frames, all signalling that EURUSD could attempt another bullish move.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1760, 1.1800, 1.1845, 1.1865 and 1.1875. If price closes above 1.1875, EURUSD could attempt a bullish move higher.

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%.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has been finding resistance around 1.3160, as suggested in yesterday’s chart analysis.

GBPUSD continues to be indecisive but has formed a short series of higher swing highs and lows, suggesting a potential uptrend. The moving averages confirm this – they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3120, 1.3040 and 1.2925. A bullish move may find resistance around 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD closed below key support and has since been bearish.

Price is down-trending – price action has formed lower swing highs and lower swing lows. The USDCAD has formed a bearish channel and the moving averages are bearish and steady, all signalling that the downtrend could continue.

Selling opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the bearish channel resistance area and around any of the key Fib levels. A bearish move could stall or reverse around the recent swing low at 1.3030 and the bearish channel support area.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF has been bearish, as suggested in yesterday’s chart analysis.

Price is down-trending. The moving averages are bearish and widening, signalling that the trend may continue. The USDCHF is also down-trending on higher time-frames.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support levels at 0.9090 and 0.9105.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been bearish.

The USDJPY has swung below key support areas and is forming a lower swing low, signalling a potential downtrend. The moving averages are bearish and widening, confirming the potential downside. Price is also down-trending on higher time-frames.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the previous bullish channel support area (as resistance) and around the previous horizontal support levels at 104.10 and 104.20.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

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

GOLD is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, signalling that the uptrend may continue. Price is also up-trending on higher time-frames, adding confidence of future upside direction.

Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1927, 1915 and 1889. A bullish move may be rejected or reverse around the recent highs at 1950.

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