TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 27, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bullish and has swung higher.

AUDUSD is up-trending. The moving averages are bullish and steady, signalling that the upside direction may continue. Price action has formed 2 bullish channels and price is trending within both channels. AUDUSD is also up-trending on higher time-frames.

Opportunities to go long could exist around both bullish channel support areas, around the dynamic support of the moving averages and around the horizontal levels at 0.7370, 0.7325 and 0.7265. A bullish move may find resistance around the channels resistance areas.

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

Price has reversed around 0.8935, as suggested in yesterday’s chart analysis.

EURGBP has become indecisive (as also suggested). Price is ranging between 0.8880 and 0.8935. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if EURGBP moves out of the range (break-out trade). A break to the upside could find resistance around 0.8960, 0.8990 and 0.9000. A break to the downside could 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

As suggested in yesterday’s chart analysis, EURUSD has been bullish.

Price action has formed a tight bullish channel and a short series of higher swing highs and lows, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Long opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal level at 1.1895. A bullish move may be rejected or reverse around 1.1935 and around the bullish channel resistance area.

Long opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal level at 1.1895. A bullish move may be rejected or reverse around 1.1935 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 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

GBPUSD reversed around the bullish channel support area, as suggested in yesterday’s chart analysis.

Price has been up-trending within a bullish channel. GBPUSD is currently struggling to swing higher and is starting to look indecisive. The moving averages confirm the market indecision – they are starting to tighten and move sideways. Price could start ranging between 1.3295 and 1.3395. GBPUSD has just closed above a key resistance on higher time-frames, signalling that price could move higher.

Trading opportunities may exist around the support and resistance areas of the range, around the moving averages and around the bullish channel support 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

Price has been moving sideways.

The USDCAD has been down-trending within a bearish channel. Price is currently in a retrace phase and moving sideways. The moving averages are bearish and steady, suggesting that the USDCAD may swing lower. The USDCAD is currently ranging between 1.2990 and 1.3025.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the range resistance area, around the bearish channel resistance area and around the horizontal levels at 1.3100 and 1.3120. A bearish move may stall or reverse around the range support area, around the bearish channel support area and around 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, price has been bearish.

The USDCHF has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages are bearish and widening, suggesting that the trend could continue. Price is also down-trending on higher time-frames, adding confidence to future downside.

Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the trend resistance area.

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

The USDJPY has been bearish.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently – confirming the indecision.

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.

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, GOLD reversed around the 23.6% Fib level and has since found support around 1803.

Price has been down-trending but is currently moving sideways. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the trend resistance area. GOLD could be rejected or reverse around 1803. If price closes below 1803, GOLD could attempt a bearish move lower.

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