TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 17, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has found resistance around 0.7335.

The AUDUSD continues to be indecisive and lack trend momentum. The moving averages have been crossing frequently and moving sideways, confirming the market indecision. Price is up-trending on higher time-frames, suggesting that the AUDUSD may become bullish.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the previous bearish channel and around the horizontal levels at 0.7195, 0.7220and 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.

US retail sales figures will be released at 1330 UTC today. The chair of the Federal Reserve will speak at 1800 UTC. The Governor of the RBA will speak at 2200 UTC.

EURGBP

EURGBP 1 Hour Chart

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

The EURGBP is indecisive. The moving averages confirm the market indecision – they are tightening and moving sideways. Price is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities may exist around the diagonal resistance area and around the horizontal levels at 0.8865, 0.8960, 0.9000, 0.9050, 0.9060 and 0.9085.

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

As suggested in yesterday’s chart analysis, the EURUSD has been bullish off the moving averages.

Price continues to be indecisive and lack trend direction. The EURUSD is up-trending on higher time-frames, signalling that price may start up-trending on the 1 hour time-frame. The moving averages confirm this – they are becoming bullish.

Opportunities to go long could exist around the moving averages and around the horizontal support at 1.1750. A bullish move may be rejected or reverse around the horizontal levels at 1.1865 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.

US retail sales figures will be released at 1330 UTC today. The chair of the Federal Reserve will speak at 1800 UTC.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has been moving sideways, as suggested in yesterday’s chart analysis.

Price is indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. The GBPUSD is also indecisive on higher time-frames.

Trading opportunities may exist around any of the identified horizontal levels at 1.2925, 1.3040, 1.3110, 1.3230 and 1.3280.

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.

US retail sales figures will be released at 1330 UTC today. The chair of the Federal Reserve will speak at 1800 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been bearish.

USDCAD is in a retrace phase after a large bullish swing. The moving averages are tightening, signalling that upside momentum is weakening – price may struggle to swing higher.

Long opportunities could exist around the 50.0% and 61.8% Fib levels and around the recent lows at 1.2940. A bullish move may be rejected or reverse around the moving averages 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.

US retail sales figures will be released at 1330 UTC today. The chair of the Federal Reserve will speak at 1800 UTC.

USDCHF 

USDCHF 1 Hour Chart

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

USDCHF is down-trending but also showing signs of market indecision. The moving averages are bearish and steady, suggesting that the downside direction could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.9145, 0.9185 and 0.9200. A bearish move could find support around 0.9100.

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.

US retail sales figures will be released at 1330 UTC today. The chair of the Federal Reserve will speak at 1800 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.

Price is down-trending. Price action has formed a bearish channel. The moving averages are bearish and steady and USDJPY is down-trending on higher time-frames, all signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 105.05 and 105.60. A bearish move may stall or reverse around the channel support area and around the horizontal levels at 104.40 and 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.

US retail sales figures will be released at 1330 UTC today. The chair of the Federal Reserve will speak at 1800 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD has been moving sideways.

Price is looking indecisive. Price action has formed a swing higher and a bullish channel though, suggesting that GOLD could start up-trending. The moving averages are bullish – confirming the potential upside. Price may start ranging between 1869 and 1896.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal support levels at 1869 and 1858. A bullish move could find resistance around the channel resistance area and around the horizontal levels at 1896, 1915 and 1937.

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