TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 05, 2021


Previous analysis… https://analysis.tfxi.com/2021/11/04/triumphfx-intraday-forex-analysis-1-hour-charts-november-04-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish and has swung lower.

AUDUSD is down-trending and is currently finding support around 0.7385, as also suggested in yesterday’s analysis. The moving averages are bearish and steady, signalling that the downtrend may continue. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Opportunities to go short could exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7415, 0.7470 and 0.7490. AUDUSD may continue to find support 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the trend support area and has swung higher, as suggested in yesterday’s analysis.

EURGBP is up-trending and is currently forming a swing higher. The moving averages are bullish and steady, signalling that the uptrend could continue. Price continues to look indecisive on higher time-frames.

Opportunities to go long may exist around the dynamic support of the moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 0.8510, 0.8465 and 0.8440.

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 reversed around 1.1540.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Price action has formed two lower swing highs, signalling a potential bearish move.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 1.1540, 1.1570, 1.1615, 1.1620 and 1.1665.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD has been bearish, as suggested in our last chart analysis.

Price is clearly 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. GBPUSD is up-trending on higher time-frames though, suggesting a potential bullish move.

Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the previous bearish channel support and resistance areas and around the horizontal levels at 1.3605, 1.3695 and 1.3710.

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, price has been bullish and has been finding resistance around the diagonal resistance area.

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

Long opportunities could exist around the bullish moving averages, around the bullish channel support area and around the horizontal support levels at 1.2375, 1.2355 and 1.2330. A bullish move may be rejected or reverse around the 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF

USDCHF 1 Hour Chart

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

The USDCHF is indecisive and is moving sideways. The moving averages confirm the market indecision – they are tight and have been crossing frequently. Price is ranging between 0.9105 and 0.9150.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A break to the upside could find resistance around 0.9170 and 0.9225. A break to the downside could find support around 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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, the USDJPY has been moving sideways.

Price is indecisive and is lacking trend direction. Price action has formed a clear consolidation area. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the diagonal support and resistance areas and around any of the identified horizontal levels at 113.35, 113.50, 114.20, 114.40 and 114.60. Trading opportunities could also exist if the USDJPY moves out of the consolidation area (break-out trade).

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.

US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1230 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bullish.

Price has swung above a recent swing high and above the trend resistance area, suggesting that the recent downtrend is over. The moving averages are becoming bullish, signalling that XAUUSD could start up-trending.

Buying opportunities may exist around the previous trend resistance area (as support), around the dynamic support of the moving averages and around any of the horizontal levels at 1786, 1774, 1768 and 1762. A bullish move could be rejected or reverse around the horizontal resistance levels at 1803, 1808 and 1812.

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