TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 02, 2021


Previous analysis… https://analysis.tfxi.com/2021/12/01/triumphfx-intraday-forex-analysis-1-hour-charts-december-01-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been moving sideways.

Price was down-trending but is currently indecisive and is moving sideways. The moving averages confirm the market indecision – they are tight and are moving sideways. The AUDUSD is ranging between 0.7090 and 0.7170.

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 stall or reverse around the horizontal levels at 0.7205, 0.7225 and 0.7270.

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

EURGBP 1 Hour Chart

The EURGBP has been bullish, as suggested in yesterday’s analysis.

Price is up-trending – price action has formed a series of higher swing highs and higher swing lows. The EURGBP is currently finding resistance around the recent swing high. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.8495, 0.8485, 0.8450 and 0.8425. A bullish move may find resistance around 0.8525, 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.

There is no major scheduled news today that will directly impact this currency pair.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last chart analysis, price has been moving sideways.

The EURUSD is indecisive and has been moving sideways. Price action has formed a range at 1.1260-1.1380 and price is moving within the range. The moving averages suggest potential upside – they are bullish and steady.

Trading opportunities may exist around the support and resistance areas of the range and if the EURUSD moves out of the range (break-out trade). A break to the upside could find resistance around 1.1435 and 1.1460. A break to the downside could 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.

There is no major scheduled news today that will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

Price has been moving sideways, as suggested in our last analysis.

The GBPUSD is indecisive. Price is ranging between 1.3230 and 1.3360. The moving averages are tight and moving sideways – confirming the current indecision.

Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD moves out of the range (break-out trade). A break to the upside may be rejected or reverse around the horizontal levels at 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 will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s analysis, USDCAD has reversed off 1.2825.

Price has been clearly up-trending within a bullish channel. USDCAD is currently struggling to swing higher and has formed a horizontal channel at 1.2725-1.2825, suggesting that upside momentum could be weakening – the uptrend could becoming to an end.

Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 1.2725, 1.2700, 1.2640, 1.2635 and 1.2590. A bullish move could stall or reverse around 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.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF

USDCHF 1 Hour Chart

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

Price is indecisive and is lacking trend momentum. USDCHF is ranging between 0.9160 and 0.9250. The moving averages are bearish and steady, signalling that price may start down-trending again.

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 0.9270 and 0.9320. Selling opportunities could exist around the longer-term moving average.

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

USDJPY 1 Hour Chart

As suggested in our last analysis, price was bearish and then found support around 112.60.

USDJPY has been down-trending but is starting to look indecisive, just like other USD pairs. Price is ranging between 112.60 and 113.55. The moving averages are bearish and steady, signalling potential downside.

Trading opportunities may exist around the support and resistance areas of the range and if USDJPY moves out of the range (break-out trade). A break to the upside could find resistance around 113.90 and 114.45. Shorting opportunities could exist around the longer-term moving average.

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

XAUUSD 1 Hour Chart

Price reversed around the longer-term moving average and has since been bearish, as suggested in our last chart analysis.

GOLD is down-trending and has formed a bearish channel. The moving averages are bearish and steady, signalling that the downtrend may continue.

Opportunities to go short could exist around the bearish moving averages, around the bearish channel resistance area and around any of the horizontal levels at 1791, 1802 and 1812. A bearish move may find support around the channel support area and around the recent swing low at 1771.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 0