TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 08, 2021


Previous analysis… https://analysis.tfxi.com/2021/11/05/triumphfx-intraday-forex-analysis-1-hour-charts-november-05-2021/

AUDUSD

AUDUSD 1 Hour Chart

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

Price is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend could continue. The AUDUSD is up-trending on higher time-frames though, suggesting a potential bullish move.

Selling opportunities may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.7410, 0.7470 and 0.7490. A bearish move could be rejected or reverse around the recent lows at 0.7370.

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.

The Chair of the Federal Reserve will speak at 1530 UTC today.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been bullish and has swing higher, as suggested in our last analysis.

Price is up-trending and has recently formed a higher swing high. The moving averages are bullish and widening, signalling that the uptrend may continue. The EURGBP is indecisive on higher time-frames.

Buying opportunities could 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 and 0.8465. A bullish move may stall or reverse around the recent swing high at 0.8590.

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 Governor of the BOE will speak at 1700 UTC.

EURUSD

EURUSD 1 Hour Chart

As suggested in Friday’s analysis, price has been finding resistance around 1.1570.

The EURUSD was looking indecisive but price action has formed a series of lower swing highs and lower swing lows – price is down-trending. The EURUSD is currently in a retrace move. The moving averages are bearish and widening, suggesting that the downtrend could continue.

Shorting opportunities may exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 1.1615, 1.1620 and 1.1665. A bearish move could find support around the shorter-term moving average and around the recent swing low at 1.1515.

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.

The Chair of the Federal Reserve will speak at 1530 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

Price has been bearish and has swung lower, as suggested in Friday’s chart analysis.

The GBPUSD is down-trending. Price has just formed a new lower swing low. The moving averages suggest that the downtrend may continue – they are bearish and widening. Price is at and nearing key support levels on higher time-frames, signalling a potential bullish move.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the horizontal levels at 1.3605 and 1.3695, and around the previous support and resistance areas of the bearish channel. A bearish move may find support around the recent swing low at 1.3430.

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 Chair of the Federal Reserve will speak at 1530 UTC today. The Governor of the BOE will speak at 1700 UTC.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, USDCAD found resistance around the bullish channel resistance area.

Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. USDCAD is trending within a bullish channel. 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, around the bullish channel support area and around the horizontal levels at 1.2425, 1.2375 and 1.2355. A bullish move could be rejected or reverse around the recent swing high at 1.2475 and 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.

The Chair of the Federal Reserve will speak at 1530 UTC today.

USDCHF

USDCHF 1 Hour Chart

USDCHF reversed around 0.9170, 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.

Trading opportunities could exist around any of the identified horizontal levels at 0.9090, 0.9105, 0.9150, 0.9170 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.

The Chair of the Federal Reserve will speak at 1530 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been bearish.

USDJPY continue to be indecisive. Price is around the consolidation support area though and has formed a short series of lower swing highs and lower swing lows, all suggesting that the downtrend could continue. The moving averages confirm the potential downside break – they are bearish. Price action has formed a bearish channel.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 113.90, 114.20 and 114.40. A bearish move could find support around 113.50, 113.30, and around the channel support area.

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.

The Chair of the Federal Reserve will speak at 1530 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price reversed around the moving averages and diagonal support area and has since been bullish.

GOLD is forming a large bullish move and a swing higher, suggesting the start of a potential uptrend. The moving averages are bullish and widening – confirming the potential uptrend.

Buying opportunities could exist around the dynamic support of the moving averages, around the previous diagonal resistance area (as support) and around any of the horizontal levels at 1812, 1808, 1803, 1797 and 1786.

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