TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 03, 2021


Previous analysis… https://analysis.tfxi.com/2021/11/02/triumphfx-intraday-forex-analysis-1-hour-charts-november-02-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, price closed below the range support area and has since been bearish.

AUDUSD is below the recent consolidation area, signalling a potential downtrend. The moving averages confirm this – they are bearish and widening. Price action has formed a short series of lower swing highs and lower swing lows.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 0.7455, 0.7490 and 0.7535. A bearish move may be rejected or reverse around the horizontal support levels at 0.7385 and 0.7330.

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 non-farm ADP employment change figure will be announced at 1215 UTC today. This is followed by a US services PMI figure at 1400 UTC. The FOMC will release a statement and announce the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been bullish, as suggested in yesterday’s chart analysis.

EURGBP is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and widening, suggesting that the uptrend could continue. Price is indecisive on higher time-frames.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 0.8495, 0.8485, 0.8475 and 0.8440. A bullish move could find resistance around 0.8510.

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 chart analysis, EURUSD has been finding support around 1.1575.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1525, 1.1540, 1.1575, 1.1610, 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.

A US non-farm ADP employment change figure will be announced at 1215 UTC today. This is followed by a US services PMI figure at 1400 UTC. The FOMC will release a statement and announce the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD reversed around the shorter-term moving average and has swung lower, as suggested in our last analysis.

Price is down-trending and is currently in a small retrace move. The moving averages are bearish and widening, signalling that the downtrend could continue. GBPUSD is up-trending on higher time-frames, suggesting that price could become bullish.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3650, 1.3685, 1.3710 and 1.3740. A bearish move could stall or reverse around the horizontal support levels at 1.3605 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 non-farm ADP employment change figure will be announced at 1215 UTC today. This is followed by a US services PMI figure at 1400 UTC. The FOMC will release a statement and announce the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been bullish.

The USDCAD is still within the consolidation area but has formed a series of higher swing highs and higher swing lows, signalling an uptrend. Price action has formed a bullish channel and the moving averages have become bullish, all confirming the potential upside.

Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2400, 1.2355 and 1.2330. A bullish move may be rejected or reverse around 1.2430 and around the bullish channel resistance area.

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 non-farm ADP employment change figure will be announced at 1215 UTC today. This is followed by a US services PMI figure at 1400 UTC. The FOMC will release a statement and announce the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

USDCHF

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been finding resistance around the trend resistance area.

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 steady, signalling that the downtrend could continue.

Selling opportunities may exist around the trend resistance area and around the horizontal resistance levels at 0.9170, 0.9225 and 0.9250. A bearish move could be rejected or reverse around the moving averages and around the horizontal support levels at 0.9105 and 0.9090.

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 non-farm ADP employment change figure will be announced at 1215 UTC today. This is followed by a US services PMI figure at 1400 UTC. The FOMC will release a statement and announce the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been moving sideways, as suggested in yesterday’s analysis.

Price continues to be indecisive and move sideways. The moving averages confirm the market indecision – they are crossing frequently and moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 113.25, 113.35, 113.50, 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.

A US non-farm ADP employment change figure will be announced at 1215 UTC today. This is followed by a US services PMI figure at 1400 UTC. The FOMC will release a statement and announce the official rate at 1800 UTC. This is followed by a press conference at 1830 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, GOLD reversed around the bearish channel resistance area.

Price is down-trending within a bearish channel. The moving averages are moving sideways, signalling market indecision – XAUUSD could become indecisive.

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, 1795, 1803, 1808 and 1811. A bearish move could find support around the channel support area and around the horizontal support levels at 1773, 1768 and 1762.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 0