TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 23, 2021
Previous analysis… https://analysis.tfxi.com/2021/11/18/triumphfx-intraday-forex-analysis-1-hour-charts-november-18-2021/
AUDUSD
As suggested in our last chart analysis, price reversed around the longer-term moving average and has been bearish.
AUDUSD 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 may continue. Price has formed a trend resistance area and also a tight bearish channel. AUDUSD is currently finding support around the channel support area.
Opportunities to go short could exist around the bearish moving averages, around the bearish channel resistance area, around the trend resistance area and around the horizontal levels at 0.7270, 0.7290 and 0.7370. AUDUSD may continue to find support around the channel support area.
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
Price has been moving sideways.
EURGBP was down-trending but recent price action has been sideways – price is currently indecisive. The moving averages confirm the market indecision – they are tight. EURGBP is also indecisive on higher time-frames. Price is currently ranging between 0.8380 and 0.8425. If EURGBP closes below the range support area, price could start down-trending again.
Trading opportunities may exist around the support and resistance areas of the range and if EURGBP moves out of the range (break-out trade). A break to the upside could find resistance around 0.8465 and 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
As suggested in our last analysis, EURUSD has been bearish and has swung lower.
Price is down-trending. The moving averages are bearish and widening, 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 1.1255, 1.1290, 1.1370 and 1.1435. EURUSD may find support around the recent lows at 1.1230.
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 reversed around 1.3405, as suggested in our last chart analysis.
Price has since been bearish though and is showing signs of a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish and are widening. GBPUSD is testing a key higher time-frame support 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 1.3405, 1.3475, 1.3510 and 1.3605. A bearish move could stall 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.
There is no major scheduled news today that will directly impact this currency pair.
USDCAD
As suggested in our last chart analysis, price has been reversing around the trend support area and has been swinging higher.
The USDCAD is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend may continue.
Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 1.2660, 1.2640, 1.2590 and 1.2495.
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
Price reversed around the 50.0% Fib level and has since swung higher, as suggested in our last analysis.
The USDCHF is up-trending and is currently forming a new swing higher. The moving averages have been crossing frequently, signalling potential market indecision. Price is indecisive on higher time-frames.
Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.9250, 0.9235 and 0.9190. A bullish move could be rejected or reverse around the recent highs at 0.9330.
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
As suggested in our last chart analysis, the USDJPY reversed around 113.75.
Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. The USDJPY is up-trending on higher time-frames, signalling potential upside.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 113.30, 113.65, 113.75, 114.45 and 115.10.
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
The XAUUSD has been bearish.
Price action is forming a large bearish move below key support levels, suggesting a potential downtrend. The moving averages are bearish and widening – confirming the potential trend.
Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1832, 1844 and 1850. A bearish move could be rejected or reverse around the horizontal levels at 1797 and 1762.
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