TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 12, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has started ranging.

Price is indecisive and has been moving sideways. The moving averages confirm the market indecision – they are tight and moving sideways. AUDUSD is ranging between 0.7250 and 0.7335. Price action has formed a potential bearish channel, suggesting that AUDUSD could become bearish.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). Trading opportunities may also exist around the bearish channel resistance area. If price breaks to the downside, AUDUSD could find support around the bearish channel support area and around the horizontal levels at 0.7195 and 0.7075.

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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

EURGBP

EURGBP 1 Hour Chart

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

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that the downtrend may continue. EURGBP is indecisive on higher time-frames.

Selling opportunities could exist around the longer-term moving average, around the trend resistance area, around the 50.0% and 61.8% Fib levels and around the horizontal levels at 0.8960, 0.8995, 0.9050 and 0.9060. A bearish move may be rejected or reverse around the shorter-term moving average and around the recent swing low at 0.8865.

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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

EURUSD

EURUSD 1 Hour Chart

Price has been bearish.

EURUSD has been and continues to be indecisive. The moving averages are have been crossing frequently – confirming the market indecision. Price action has formed a bearish channel. Price is up-trending on higher time-frames, signalling that EURUSD could attempt a bullish move.

Trading opportunities may exist around the support and resistance areas of the bearish channel, around the moving averages and around the horizontal levels at 1.1620, 1.1750, 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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around the longer-term moving average.

GBPUSD has since closed below the moving average. Price is up-trending and is currently in a retrace move. The moving averages are starting to move sideways, suggesting that GBPUSD may struggle to swing higher.

Buying opportunities could exist around any of the horizontal levels at 1.3120 and 1.3040. A bullish move may be rejected or reverse around the moving averages and around the recent swing high at 1.3280.

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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

USDCAD

USDCAD 1 Hour Chart

The USDCAD is finding resistance around 1.3100, as suggested in yesterday’s chart analysis.

Price has been down-trending and is currently in a retrace phase. The moving averages have crossed bullish and the USDCAD has swung above the recent bearish channel, all signalling that price could struggle to swing lower.

Shorting opportunities may exist around 1.3100 and 1.3280. A bearish move could stall or reverse around the moving averages, around the previous bearish channel resistance area (as support.) and around the recent lows 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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

USDCHF 

As suggested in yesterday’s chart analysis, the USDCHF is finding support around the shorter-term moving average.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the current indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.9090, 0.9105, 0.9185 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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price reversed around 105.60, as suggested in yesterday’s chart analysis.

The USDJPY continues to be indecisive. Price has formed a bullish channel though, suggesting potential upside. The USDJPY is down-trending on higher time-frames and is currently testing a key resistance area, signalling a potential bearish move.

Trading opportunities may exist around the support and resistance areas of the bullish channel, around the moving averages and around the horizontal levels at 104.10, 104.90, 105.05 and 105.60.

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 are speeches from the ECB, BOE and Fed scheduled for 1645 UTC today.

XAUUSD

As suggested in yesterday’s chart analysis, price reversed around the shorter-term moving average and then around 1858.

GOLD has become indecisive. Price is ranging between 1858 and 1889. The moving averages confirm the indecision – they have been crossing frequently.

Trading opportunities could exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside may find resistance around the longer-term moving average and around the horizontal levels at 1915 and 1937.

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