TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 12, 2021
Previous analysis… https://analysis.tfxi.com/2021/11/11/triumphfx-intraday-forex-analysis-1-hour-charts-november-11-2021/
AUDUSD
As suggested in yesterday’s chart analysis, the AUDUSD has continued to be bearish.
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 widening, signalling that the downtrend could continue. The AUDUSD is at key support levels on higher time-frames, suggesting a potential bullish move.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7370, 0.7385 and 0.7430. A bearish move could stall or reverse around the recent lows at 0.7280.
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 Treasury Currency Report is scheduled to be released today.
EURGBP
The EURGBP has been moving sideways, as suggested in yesterday’s analysis.
Price has been up-trending but is currently looking indecisive and is moving sideways. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The EURGBP is also indecisive on higher time-frames.
Trading opportunities could exist around the trend support area and around any of the identified horizontal levels at 0.8465, 0.8510, 0.8525, 0.8535, 0.8545, 0.8565, 0.8580 and 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
As suggested in our last chart analysis, price has been bearish and has moved lower.
The EURUSD is down-trending and could be entering a retrace move. The moving averages are bearish and widening, signalling that the downtrend could continue.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.1515, 1.1540 and 1.1570. Price could find support around 1.1440.
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 Treasury Currency Report is scheduled to be released today.
GBPUSD
Price has been bearish, as suggested in our last analysis.
The GBPUSD is down-trending and could be entering a retrace move. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is around a key higher time-frame support area, suggesting 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 trend resistance area and around the horizontal levels at 1.3430 and 1.3605. A bearish move may be rejected or reverse around the recent lows at 1.3355.
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 Treasury Currency Report is scheduled to be released today.
USDCAD
As suggested in yesterday’s analysis, USDCAD has been bullish.
Price is up-trending and has been finding resistance around 1.2595, suggesting that the start of a potential retrace move. The moving averages are bullish and steady, signalling that the upside direction could continue.
Buying opportunities may exist around the key Fib levels, around the dynamic support of the moving averages and around the previous horizontal resistance levels at 1.2475 and 1.2460. A bullish move could find resistance around the recent highs at 1.2595.
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 Treasury Currency Report is scheduled to be released today.
USDCHF
USDCHF has been bullish and has swung higher, as suggested in yesterday’s chart analysis.
Price is above a recent consolidation area and the moving averages are bullish and widening, all suggesting a potential uptrend.
Long opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous horizontal resistance levels at 0.9190, 0.9170 and 0.9155. A bullish move may stall or reverse around the recent highs at 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.
A US Treasury Currency Report is scheduled to be released today.
USDJPY
As suggested in our last analysis, price has been moving sideways.
USDJPY is choppy and indecisive. Price is moving within a large consolidation area at 112.75-114.40. 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 horizontal levels at 112.75, 113.30, 113.65, 113.90 and 114.40. If USDJPY moves above the consolidation resistance at 114.40, price could attempt a bullish move higher.
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 Treasury Currency Report is scheduled to be released today.
XAUUSD
Price has been bullish, as suggested in our last GOLD analysis.
XAUUSD is up-trending. Price has been finding resistance, suggesting a potential retrace move. The moving averages suggest that the uptrend may continue – they are bullish and steady, and price is above the moving averages.
Opportunities to go long could exist around the moving averages and around any of the key horizontal levels at 1832, 1822, 1812, 1808 and 1803. A bullish move may find resistance around the recent highs at 1863.
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