TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 29, 2021
Previous analysis… https://analysis.tfxi.com/2021/11/26/triumphfx-intraday-forex-analysis-1-hour-charts-november-26-2021/
AUDUSD
As suggested in our last analysis, price has been bearish and has swung lower.
AUDUSD is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages suggest that the downside direction may continue – they are bearish and widening.
Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7205, 0.7225 and 0.7270. A bearish move may be rejected or reverse around the recent lows at 0.7115.
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 could directly impact this currency pair.
EURGBP
Price has been bullish, as suggested in our last chart analysis.
EURGBP is currently up-trending and is in a retrace move. The moving averages are bullish and widening, signalling that the uptrend could continue. Price continues to be indecisive on higher time-frames.
Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.8425, 0.8390 and 0.8385. A bullish move could be rejected or reverse around the horizontal levels at 0.8485, 0.8525 and 0.8565.
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 could directly impact this currency pair.
EURUSD
As suggested in Friday’s chart analysis, EURUSD has been bearish.
Price was down-trending but is currently looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.1190, 1.1230, 1.1265, 1.1325, 1.1370 and 1.1435.
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 could directly impact this currency pair.
GBPUSD
GBPUSD found resistance around 1.3350 and around the longer-term moving average, as suggested in Friday’s analysis.
Price was down-trending but is currently moving sideways. GBPUSD is ranging between 1.3300 and 1.3350. The moving averages confirm the current indecision – they are tightening and are moving sideways.
Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around 1.3385, 1.3405 and 1.3475.
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 could directly impact this currency pair.
USDCAD
As suggested in our last chart analysis, price has been bullish and has formed a swing higher.
The USDCAD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady and price action has formed a bullish channel, signalling that the uptrend may continue.
Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2700, 1.2640, 1.2635 and 1.2590. A bullish move may be rejected or reverse around 1.2790 and around the bullish 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 Governor of the BOC will speak at 1900 UTC today.
USDCHF
Price has been moving sideways, as suggested in our last analysis.
The USDCHF is indecisive. Price action has formed a swing lower though, signalling a potential downtrend. The moving averages confirm this – they are bearish and widening. The USDCHF has forming a potential bearish channel.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.9270, 0.9320, 0.9360 and 0.9365. A bearish move could stall or reverse around the channel support area and around the horizontal levels at 0.9250, 0.9215, 0.9190, 0.9170 and 0.9155.
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 could directly impact this currency pair.
USDJPY
The USDJPY has been bearish.
Price action has formed a large bearish move, suggesting a potential downtrend. The moving averages confirm this – they are bearish and widening.
Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 113.75, 113.95, 114.45, 114.60 and 114.90. A bearish move may stall or reverse around the horizontal support levels at 113.05 and 112.75.
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 could directly impact this currency pair.
XAUUSD
As suggested in Friday’s analysis, GOLD has been bearish and has found support around 1782.
Price was showing signs of a potential downtrend but is now looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. GOLD is ranging between 1781 and 1812.
Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could find resistance around 1822, 1832 and 1844.
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