TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 01, 2021


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Previous analysis… https://analysis.tfxi.com/2021/11/30/triumphfx-intraday-forex-analysis-1-hour-charts-november-30-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price was bearish and swing lower.

AUDUSD is down-trending and is currently in a retrace move. Price has swung above both moving averages, suggesting that downside momentum is weakening – the downtrend may becoming to an end. The moving averages confirm this – they are tightening and beginning to move sideways, suggesting market indecision.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7090, 0.7205, 0.7225, 0.7270 and 0.7290.

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 ADP non-farm employment change figure will be released at 1315 UTC today. This is followed by a Fed Chair testimony and US manufacturing PMI figure at 1500 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been bullish, as suggested in our last chart analysis.

EURGBP is up-trending and is currently in a retrace move. The moving averages are bullish and steady, 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 and around any of the horizontal levels at 0.8485, 0.8450 and 0.8425. A bullish move could find resistance around 0.8535 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.

The Governor of the BOE will speak at 1400 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s analysis, EURUSD reversed around the longer-term moving average.

Price is looking indecisive but is also showing signs of a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady. EURUSD is ranging between 1.1260 and 1.1380.

Trading opportunities could 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 may find resistance around 1.1435 and 1.1460. A break to the downside may find support around 1.1230 and 1.1190.

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 ADP non-farm employment change figure will be released at 1315 UTC today. This is followed by a Fed Chair testimony and US manufacturing PMI figure at 1500 UTC.

GBPUSD

GBPUSD 1 Hour Chart

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

Price formed a large bearish move but has since reversed most of the move. GBPUSD is looking indecisive and is ranging between 1.3230 and 1.3360. The moving averages are tight and moving sideways – confirming the current indecision.

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.

A US ADP non-farm employment change figure will be released at 1315 UTC today. This is followed by a Fed Chair testimony and US manufacturing PMI figure at 1500 UTC. The Governor of the BOE will speak at 1400 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last chart analysis, price has formed a swing higher.

The USDCAD is up-trending and is currently in a retrace move. Price is moving within a bullish channel. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around the bullish channel support area, around the longer-term moving averages and around any of the horizontal levels at 1.2725, 1.2700, 1.2640, 1.2635 and 1.2590. A bullish move may be rejected or reverse around the shorter-term moving average, around the recent swing high at 1.2825 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.

A US ADP non-farm employment change figure will be released at 1315 UTC today. This is followed by a Fed Chair testimony and US manufacturing PMI figure at 1500 UTC.

USDCHF

USDCHF 1 Hour Chart

Price action has formed a lower swing high and is currently bearish, as suggested in our last analysis.

The USDCHF is down-trending but is starting to look indecisive. The moving averages signal that the downtrend could continue – they are bearish and steady – but price could start ranging between 0.9160 and 0.9250.

Shorting opportunities may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.9250, 0.9270 and 0.9320. A bearish move could stall or reverse around 0.9160 and 0.9105.

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 ADP non-farm employment change figure will be released at 1315 UTC today. This is followed by a Fed Chair testimony and US manufacturing PMI figure at 1500 UTC.

USDJPY

USDJPY 1 Hour Chart

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

Price is 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.

Selling opportunities could exist around the longer-term moving average and around the horizontal levels at 113.90, 114.45 and 114.60. A bearish move may be rejected or reverse around the shorter-term moving average and around the horizontal support levels at 113.05 and 112.60.

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 ADP non-farm employment change figure will be released at 1315 UTC today. This is followed by a Fed Chair testimony and US manufacturing PMI figure at 1500 UTC.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish.

Price has formed a swing below the recent consolidation area, suggesting a potential downtrend. The moving averages still signal market indecision. Price action has formed a bearish channel.

Opportunities to go short may exist around the moving averages, around the bearish channel resistance area and around the horizontal levels at 1802, 1812 and 1832. A bearish move could find support around the recent lows at 1771 and around the channel support area.

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