TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 25, 2020


AUDUSD

AUDUSD 1 Hour Chart

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

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

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal support levels at 0.7265, 0.7220 and 0.7195. A bullish may be rejected or reverse around the recent highs at 0.7365 and around the bullish channel resistance area.

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.

FOMC meeting minutes will be released at 1900 UTC.

EURGBP

EURGBP 1 Hour Chart

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

EURGBP is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Opportunities to go short may exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 0.8925, 0.8960, 0.8990 and 0.9000. A bearish move could stall or reverse around the shorter-term moving average and around the horizontal support at 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

EURUSD has been bullish.

Price has closed above the recent consolidation area, signalling that EURUSD may start up-trending. The moving averages are still moving sideways, suggesting market indecision.

Long opportunities could exist around the moving averages and around the previous support and resistance areas of the consolidation area (1.1905 and 1.1815).

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.

FOMC meeting minutes will be released at 1900 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GBPUSD reversed around 1.3295 and the longer-term moving average.

Price is up-trending within a bullish channel. The moving averages are bullish and steady, suggesting that the upside direction could continue.

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 1.3295, 1.3205 and 1.3110. A bullish move could be rejected or reverse around 1.3390 and around the bullish 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.

FOMC meeting minutes will be released at 1900 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has reversed around the bearish channel support area, as suggested in yesterday’s chart analysis.

The USDCAD is down-trending and has formed a bearish channel. The moving averages are bearish and steady, 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 1.3100, 1.3120 and 1.3165. A bearish move may 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.

FOMC meeting minutes will be released at 1900 UTC.

USDCHF 

USDCHF 1 Hour Chart

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

The USDCHF continues to be indecisive and move within a horizontal channel at 0.9075-0.9145. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

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 upside could find resistance around 0.9185.

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.

FOMC meeting minutes will be released at 1900 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY reversed around 104.10, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages are currently bullish and widening though, suggesting potential upside.

Trading opportunities could exist around the moving averages and around the horizontal levels at 103.25, 103.65, 104.20, 104.70, 105.05 and 105.60.

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.

FOMC meeting minutes will be released at 1900 UTC.

XAUUSD

XAUUSD 1 Hour Chart

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

Price is down-trending and could be entering a retrace phase. The moving averages are bearish and widening, signalling that the downtrend could continue.

Selling opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1857, 1876 and 1896. GOLD could continue to find support around the recent lows at 1803.

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