TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 02, 2021


Previous analysis… https://analysis.tfxi.com/2021/11/01/triumphfx-intraday-forex-analysis-1-hour-charts-november-01-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bearish.

Price continues to be indecisive, despite the recent bearish move. The AUDUSD is moving sideways and is ranging between 0.7455 and 0.7550. The moving averages are tight and moving sideways – confirming the market indecision. Price is up-trending on higher time-frames, suggesting a potential bullish move.

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

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 bullish.

Price is up-trending and is currently forming a swing higher. The moving averages are bullish and steady, signalling that the uptrend may continue. Price action has formed a bullish channel.

Buying opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.8495, 0.8485, 0.8475, 0.8440 and 0.8425. A bullish move may be rejected or reverse around the channel resistance area and around the recent highs at 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

Price has been bullish.

The EURUSD continues to be indecisive, despite the recent bullish move. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.1525, 1.1540, 1.1575, 1.1585, 1.1620, 1.1665 and 1.1685.

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.

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

GBPUSD

GBPUSD 1 Hour Chart

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

The GBPUSD is down-trending and is currently forming a lower swing low. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is finding support, signalling the start of a potential bullish retrace move.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1.3710, 1.3740 and 1.3805. A bearish move may be rejected or reverse around 1.3650, 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.

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

USDCAD

USDCAD 1 Hour Chart

USDCAD has been moving sideways, as suggested in our last chart analysis.

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

Trading opportunities may exist around any of the identified horizontal levels at 1.2295, 1.2330, 1.2355, 1.2405, 1.2430 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.

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 reversed around the longer-term moving average and has swung lower.

Price 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 steady, signalling that the downtrend may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 0.9105, 0.9170, 0.9225 and 0.9225.

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.

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

USDJPY

USDJPY 1 Hour Chart

Price has been bearish.

USDJPY is looking indecisive again. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around any of the horizontal levels at 113.25, 113.35, 114.40 and 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.

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

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s analysis, price has been rejected at the bearish channel resistance area.

GOLD is down-trending and is currently in a retrace move. The moving averages are bearish and widening, signalling that the downtrend may continue. Price continues to move within a bearish channel.

Opportunities to go short could exist around the bearish channel resistance area and around the horizontal resistance levels at 1803, 1808 and 1812. A bearish move may stall or reverse around the moving averages, around the bearish channel support area and around the horizontal levels at 1785, 1773, 1768 and 1761.

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