TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 16, 2020


AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bullish.

Price has swung above the recent bearish channel resistance area, suggesting that the downtrend could be over. AUDUSD is now looking indecisive. The moving averages confirm this – they are tight and moving sideways.

Trading opportunities may exist around the moving averages, around the support and resistance areas of the recent bearish channel and around the horizontal levels at 0.7195, 0.7220, 0.7315 and 0.7335.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The RBA will release monetary policy meeting minutes at 0030 UTC.

EURGBP

EURGBP 1 Hour Chart

As suggested in Friday’s chart analysis, EURGBP reversed around the horizontal level at 0.8960.

Price has been down-trending. EURGBP is now looking indecisive. The moving averages have crossed and are moving sideways, confirming the market indecision. Price is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 0.8865, 0.8960, 0.9000, 0.9050, 0.9060, 0.9085 and 0.9100.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

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

EURUSD

EURUSD 1 Hour Chart

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

EURUSD continues to be indecisive. The moving averages confirm the current indecision – they have been crossing frequently. Price is up-trending on higher time-frames, suggesting that EURUSD could move higher.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1750, 1.1835 and 1.1895.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

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

GBPUSD

GBPUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price has been moving sideways.

GBPUSD continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are moving sideways. Price action has formed a horizontal channel at 1.3110-1.3280.

Trading opportunities could exist around the support and resistance areas of the channel and if GBPUSD moves out of the channel (break-out trade). A break to the downside may find support around the horizontal levels at 1.3040, 1.2925 and 1.2860.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

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

USDCAD

USDCAD 1 Hour Chart

The USDCAD has reversed around the longer-term moving average, as suggested in Friday’s chart analysis.

Price is up-trending but has swung below the recent bullish channel, signalling that the USDCAD could struggle to swing higher. The moving averages are bullish and steady and price is around a key higher time-frame support area.

Buying opportunities may exist around the longer-term moving average and around any of the key Fib levels. A bullish move could be rejected or reverse around the shorter-term moving average, around the support and resistance areas of the recent bullish channel and around the horizontal resistance levels at 1.3165 and 1.3280.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

USDCHF 

USDCHF 1 Hour Chart

As suggested in Friday’s chart analysis, the USDCHF has been bearish.

Price action has formed a bearish channel and the moving averages are bearish and widening, all signalling that the downside may continue. The USDCHF is down-trending on higher time-frames, adding confidence that the current direction may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.9130, 0.9185 and 0.9200. A bearish move may stall or reverse around the bearish channel support area and around the horizontal level at 0.9090.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

USDJPY

USDJPY 1 Hour Chart

Price closed below the range support area and has since been bearish, as suggested in Friday’s chart analysis.

The USDJPY is below the recent consolidation area and the moving averages have crossed bearish and are widening, suggesting that price could start down-trending. The USDJPY is also down-trending on higher time-frames.

Shorting opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 104.85 and 105.60. A bearish move could find support around 104.10.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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, relative to other 1st world countries.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish.

GOLD is looking indecisive. The moving averages are tight and moving sideways, confirming the market indecision.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1858, 1888, 1915 and 1937.

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