TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 01, 2021


Previous analysis… https://analysis.tfxi.com/2021/10/28/triumphfx-intraday-forex-analysis-1-hour-charts-october-28-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has reversed around the range resistance area.

AUDUSD was up-trending but is currently indecisive and is lacking trend momentum. Price is ranging between 0.7455 and 0.7545. The moving averages confirm the market indecision – they are tight and moving sideways. AUDUSD is up-trending on higher time-frames.

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 downside may find support around the horizontal levels at 0.7430 and 0.7385.

The Reserve Bank of Australia (RBA) continues to keep the official interest rate at the record low of 0.10%. The rate is could stay the same until 2024. The RBA are expecting an economic bounce back during 2022.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

A US manufacturing PMI figure will be released at 1400 UTC today. The RBA will release a rate statement and announce the official interest rate at 0330 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been bullish.

EURGBP was indecisive and moving sideways. Recent price action has been bullish though. EURGBP has formed a small series of higher swing highs and higher swing lows, signalling an uptrend. The moving averages confirm the potential upside – they are bullish.

Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around any of the horizontal levels at 0.8440, 0.8425 and 0.8405. A bullish move could be rejected or reverse around the horizontal resistance levels at 0.8465, 0.8475, 0.8485, 0.8495 and 0.8505.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. Inflation targets and economic growth forecasts have been lifted for this year.

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, although inflation fears have been mentioned by many.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, EURUSD has been moving sideways.

Price is choppy and indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. EURUSD is down-trending on higher time-frames.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1525, 1.1540, 1.1575, 1.1585, 1.1620 and 1.1665. If price closes below 1.1525, EURUSD may attempt a bearish swing lower.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. Inflation targets and economic growth forecasts have been lifted for this year.

A US manufacturing PMI figure will be released at 1400 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bearish and has swung lower, as suggested in our last analysis.

Price is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1.3665, 1.3710, 1.3805 and 1.3830. A bearish move could stall or reverse around the horizontal levels at 1.3630 and 1.3575.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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, although inflation fears have been mentioned by many.

A US manufacturing PMI figure will be released at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the diagonal resistance area.

The USDCAD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is also looking indecisive on higher time-frames.

Trading opportunities could exist around the diagonal support and resistance area, around the moving averages and around any of the horizontal levels at 1.2295, 1.2320, 1.2330, 1.2400, 1.2425 and 1.2495.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

A US manufacturing PMI figure will be released at 1400 UTC today.

USDCHF

USDCHF 1 Hour Chart

Price reversed around the shorter-term moving average, as suggested in our last chart analysis.

The USDCHF is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may exist around the longer-term moving average, around the trend resistance area and around any of the horizontal levels at 0.9170, 0.9225, 0.9245 and 0.9265. A bearish move could be rejected or reverse around the shorter-term moving average and around the recent swing low at 0.9105.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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 2022. The Swiss economy is recovering from COVID and seems stable.

A US manufacturing PMI figure will be released at 1400 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, the USDJPY reversed around the horizontal channel support area.

Price has just swung above the horizontal channel resistance area, signalling a potential move higher. The moving averages are still moving sideways but are becoming bullish.

Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 114.25, 113.35 and 113.25. A bullish move may stall or reverse around the recent highs at 114.60.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is expected to make a moderate recovery from the COVID crisis but some analysts are stating that the Japanese economy is stagnant and may experience economic challenges in the coming months.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

A US manufacturing PMI figure will be released at 1400 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed off the previous trend support area, as suggested in our last analysis.

Price action has formed a series of lower swing highs and lower swing lows, signalling a downtrend. Price action has also formed a bearish channel. The moving averages confirm the potential downtrend – they are bearish and steady.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around any of the horizontal levels at 1785, 1805, 1810 and 1810. A bearish move could find support around the channel support area and around any of the identified horizontal support levels at 1774, 1768, 1762 and 1750.

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