TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 11, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the longer-term moving average and horizontal support at 0.7250.

The AUDUSD is up-trending. The moving averages are bullish and steady and price is up-trending on higher time-frames, all suggesting that the uptrend may continue. The AUDUSD is forming a potential horizontal channel though – price may start ranging between 0.7250 and 0.7335.

Opportunities to go long could exist around the moving averages, around the trend support area and around the horizontal levels at 0.7250, 0.7195 and 0.7075. A bullish move may stall or reverse around the recent highs at 0.7335.

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

The EURGBP is down-trending and is currently in a retrace phase. Price has broken key support on higher time-frames, suggesting that the downside direction could continue. The moving averages confirm this – they are bearish and widening.

Opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the support and resistance areas of the previous channel and around the horizontal levels at 0.8960 and 0.8995. A bearish move could find support around 0.8895.

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

The EURUSD has been moving sideways.

Price is in a retrace phase of a potential uptrend but is currently looking indecisive. The moving averages are tight and moving sideways – confirming the market indecision. The EURUSD is up-trending on higher time-frames, signalling that price may become bullish.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1760, 1.1780, 1.1845 and 1.1895.

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

As suggested in yesterday’s chart analysis, the GBPUSD reversed around the shorter-term moving average and has swung higher.

Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue. The GBPUSD is approaching key resistance on higher time-frames, suggesting that price could attempt a bearish move.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.3190, 1.3110 and 1.3040.

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

Price has been finding resistance around the longer-term moving average, as suggested in yesterday’s chart analysis.

USDCAD is down-trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is around key higher time-frame support, suggesting that USDCAD may become bullish.

Shorting opportunities could exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal levels at 1.3090 and 1.3100. A bearish move may find support or reverse around the recent low at 1.2940.

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.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price found resistance around 0.9175.

USDCHF is indecisive and lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8980, 0.9090, 0.9105, 0.9175 and 0.9200.

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, as suggested in yesterday’s chart analysis.

Price is indecisive. The moving averages have been crossing frequently – confirming the indecision.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 103.25, 104.10, 104.90, 105.45, 105.60 and 105.70.

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 reversed around 1889.

Price is in a retrace phase after forming a large bearish move. The moving averages are bearish and widening, suggesting that GOLD could swing lower.

Selling opportunities may exist around the moving averages, around any of the key Fib levels and around the horizontal levels at 1889, 1915 and 1927. A bearish move could be rejected or reverse around 1858.

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