TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 26, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD found support around the moving averages and has been finding resistance around 0.7365.

Price is up-trending within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend 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 0.7265 and 0.7220. A bullish move could be rejected or reverse around 0.7370 and 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.

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

EURGBP

EURGBP 1 Hour Chart

The EURGBP reversed around the trend resistance area, as suggested in yesterday’s chart analysis.

Price has been down-trending and is currently in a retrace phase. The moving averages are starting to move sideways and tighten, suggesting market indecision. The EURGBP may start ranging between 0.8880 and 0.8935.

Selling opportunities could exist around the trend resistance area, around the potential range resistance and around the horizontal levels at 0.8960, 0.8990 and 0.9000. A bearish move may stall or reverse around the moving averages and around the horizontal support levels at 0.8880 and 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 been bullish, as suggested in yesterday’s chart analysis.

The EURUSD is above the recent consolidation area and the moving averages are bullish and widening, all signalling that price could start up-trending. The EURUSD is also up-trending on higher time-frames, adding confidence to a potential upside move.

Long opportunities may exist around the bullish moving average and around the previous consolidation resistance at 1.1910.

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 bullish channel support area and is currently finding resistance around 1.3390.

The GBPUSD is up-trending within a bullish channel. The moving averages are bullish and steady, suggesting 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 levels at 1.3295 and 1.3205. A bullish move may find resistance around 1.3395 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.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD reversed around the shorter-term moving average and has since found support around the bearish channel support area, as suggested in yesterday’s chart analysis.

Price is down-trending and moving within a bearish channel. The moving averages are bearish and widening, suggesting that the downtrend could continue. USDCAD is approaching a key support level on higher time-frames, signalling a potential upside move.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3025, 1.3100, 1.3120 and 1.3165. Price could be rejected or reverse 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

USDCHF has been bearish.

Price has moved below the recent consolidation area, signalling that USDCHF may start down-trending. The moving averages have crossed bearish, suggesting that the downside direction may continue.

Opportunities to go short could exist around the bearish moving averages, around the diagonal resistance area and around the horizontal levels at 0.9075 and 0.9145. A strong bearish move 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 moving sideways.

USDJPY is indecisive and is lacking trend direction. The moving averages confirming the market indecision – they are tightening and moving sideways. Price is ranging between 104.20 and 104.70.

Trading opportunities may exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the downside could find support around 103.65 and 103.20. A break to the upside could find resistance around 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.

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 found support around 1803.00.

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

Opportunities to go short could exist around any of the key Fib levels, around the longer-term moving average, around the trend resistance area and around the horizontal levels at 1857, 1876 and 1896. Price may continue to find support around the recent lows at 1803 and around the shorter-term moving average.

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