TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 09, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price has swung higher and has been bullish.

The AUDUSD is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend may continue. Price is looking a little over-extended, suggesting that the AUDUSD may retrace further before attempting a move higher.

Opportunities to go long could exist around the dynamic support of the moving averages and around the horizontal levels at 0.7250 and 0.7195. A bullish move may find resistance around 0.7295.

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 found resistance around 0.9060, as suggested in Friday’s chart analysis.

The EURGBP continues to be indecisive. Price is currently ranging between 0.8995-0.9060. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if the EURGBP moves out of the range (break-out trade). A break to the upside could stall or reverse around the horizontal levels at 0.9085, 0.9100 and 0.9145. A break to the downside could stall or reverse around the recent lows at 0.8960.

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 Friday’s chart analysis, the EURUSD has formed another bullish move.

Price has swung above the recent consolidation area, suggesting that price may start up-trending. The moving averages are bullish and steady, confirming the potential upside. The EURUSD is also up-trending on higher time-frames, adding confidence to a potential trend on the 1 hour time-frame.

Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.1845, 1.1800 and 1.1760. A bullish move may be rejected or reverse around 1.1890.

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 has been bullish, as suggested in Friday’s chart analysis.

Price is up-trending. The GBPUSD is currently in a retrace move. The moving averages are bullish and steady, suggesting that the upside direction could continue. Price action has formed a bullish channel.

Buying opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 1.3110 and 1.3040. A bullish move could stall or reverse around the recent highs at 1.3185 and around the bullish channel resistance area.

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.

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