TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 04, 2021


Previous analysis… https://analysis.tfxi.com/2021/11/03/triumphfx-intraday-forex-analysis-1-hour-charts-november-03-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, the AUDUSD has been bearish.

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 0.7470, 0.7490 and 0.7535. A bearish move could find support around 0.7415 and around 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

The EURGBP found support around 0.8475, as suggested in our last chart analysis.

Price is up-trending and is currently in a retrace move. The moving averages are starting to tighten and move sideways, suggesting that upside momentum is weakening – the uptrend may be over. The EURGBP continues to be indecisive on higher time-frames.

Buying opportunities could exist around the trend support area and around the horizontal support levels at 0.8440, 0.8425 and 0.8405. A bullish move may stall or reverse around the moving averages and around the recent swing high at 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.

The BOE will release a monetary policy summary, a monetary policy report, and announce the official bank rate and votes at 1200 UTC today. This is followed by a speech by the BOE Governor at 1300 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been moving sideways.

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

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.1540, 1.1570, 1.1615, 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

Price has been moving sideways.

The GBPUSD is down-trending and is currently in a retrace phase. 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 1.3650, 1.3695, 1.3710 and 1.3740. A bearish move may be rejected or reverse around the recent swing low at 1.3605.

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.

The BOE will release a monetary policy summary, a monetary policy report, and announce the official bank rate and votes at 1200 UTC today. This is followed by a speech by the BOE Governor at 1300 UTC.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, USDCAD swung higher.

Price has since been in a retrace move USDCAD is up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 1.2375, 1.2355, 1.2330 and 1.2295. A bullish move could find resistance around the diagonal resistance area and around the horizontal levels at 1.2430 and 1.2445.

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

USDCHF found resistance around the trend resistance area, as suggested in our last chart analysis.

Price was down-trending – price action formed a long series of lower swing highs and lower swing lows. Recent price action has been moving sideways though, suggesting market indecision. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities could exist around the previous trend resistance area (as support), around the moving averages and around any of the horizontal levels at 0.9090, 0.9105, 0.9150, 0.9170, 0.9225 and 0.9245.

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

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

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

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 113.25, 113.35, 113.50, 113.75, 114.20, 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

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

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

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance areas and around the horizontal levels at 1786, 1795, 1803, 1808 and 1812. A bearish move may be rejected or reverse around the horizontal support levels at 1768 and 1762.

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