TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 24, 2020


AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bullish.

Price has closed above the consolidation area, suggesting a potential uptrend. The AUDUSD is also up-trending on higher time-frames, adding confidence to potential upside. The moving averages are still moving sideways though, suggesting market indecision.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.7335, 0.7265, 0.7220 and 0.7195.

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.

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

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, the EURGBP has been rejected around the recent lows at 0.8865.

Price is down-trending. The moving averages are bearish and widening, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8925, 0.8960 and 0.8990. The EURGBP may continue to find support around 0.8865.

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 reversed around both the range resistance and range support areas, as suggested in yesterday’s chart analysis.

The EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are crossing frequently and moving sideways. Price action has formed a horizontal channel at 1.1815-1.1905 and the EURUSD is moving within the channel.

Trading opportunities may exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the downside could find support around 1.1750.

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 yesterday’s chart analysis, price reversed around the moving averages and bullish channel support area.

The GBPUSD is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady and price action has formed a bullish channel, all signalling that the uptrend may continue.

Long opportunities could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1.3290, 1.3205 and 1.3110. The GBPUSD may stall or reverse around the recent swing high at 1.3390 and around the channel resistance area.

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

USDCAD has been bearish.

Price is below the recent consolidation area and the moving averages are bearish, all signalling that USDCAD could start down-trending. Price action has formed a bearish channel.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3045, 1.3100, 1.3120 and 1.3165. A bearish move could find support around the channel support area and around the recent lows at 1.2940.

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 yesterday’s chart analysis, USDCHF has reversed around the range resistance area.

Price is indecisive. USDCHF broke below the recent range but has now formed a large range at 0.9075-0.9145. The moving averages are tight and moving sideways, confirming the market indecision. Price is down-trending on higher time-frames, suggesting that USDCHF may attempt a bearish move.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside may find resistance around 0.9185. A break to the downside may find support around 0.8980.

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 has been bullish.

USDJPY continues to be indecisive, despite the recent upside. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around the horizontal levels at 103.25, 103.65, 104.10, 104.60 and 105.05.

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

As suggested in yesterday’s chart analysis, price moved below the range support area and has since been bearish.

GOLD is below the recent consolidation area, signalling that price may start down-trending. The moving averages confirm this – they are bearish and steady.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1857, 1876 and 1896.

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