TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 03, 2021


Previous analysis… https://analysis.tfxi.com/2021/12/02/triumphfx-intraday-forex-analysis-1-hour-charts-december-02-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price closed below the range support area and has since been bearish.

AUDUSD is down-trending again and is currently forming a swing lower. Price action has formed a bearish channel and price is moving within the channel. The moving averages are bearish and widening, signalling that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.7090, 0.7170, 0.7205 and 0.7225. A bearish move may 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been finding support around 0.8495, as suggested in our last chart analysis.

EURGBP was up-trending but is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. Price is ranging between 0.8490 and 0.8525.

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 0.8535. A break to the downside could find support around 0.8485, 0.8450 and 0.8425.

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

EURUSD has been bearish.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways. 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 downside may find support around 1.1230 and 1.1190. A break to the upside may find resistance around 1.1435 and 1.1460.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

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

Price continues to be indecisive and lack trend momentum. GBPUSD is ranging between 1.3230 and 1.3360. The moving averages are tight and moving sideways – confirming the 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 and 1.3405.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

Price reversed around the shorter-term moving average and has been finding resistance around 1.2825, as suggested in yesterday’s chart analysis.

The USDCAD is clearly up-trending within a bullish channel. The moving averages are bullish and widening, suggesting that the uptrend may continue. Price is struggling to close above 1.2825, signalling a potential bearish move.

Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.2780, 1.2725, 1.2700 and 1.2640. A bullish move may stall or reverse around 1.2825 and around the 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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.

USDCHF

USDCHF 1 Hour Chart

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

The USDCHF is indecisive and is moving sideways. The moving averages confirm the current indecision – they are tightening and are moving sideways. Price is ranging between 0.9160 and 0.9250.

Trading opportunities may exist around the support and resistance areas of the range and if the USDCHF moves out of the range (break-out trade). A break to the upside could find resistance around 0.9270 and 0.9320.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

Price is indecisive and is ranging between 112.60 and 113.55. The moving averages are moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if the USDJPY moves out of the range (break-out trade). A break to the upside may find resistance around 113.90, 114.45, 114.60 and 114.90.

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.

US average hourly earnings, unemployment rate and non-farm employment change figures will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s analysis, GOLD has been bearish.

Price is down-trending and is currently in a retrace move. GOLD is trending within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance around the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 1791, 1802 and 1812. A bearish move could be rejected or reverse around the recent lows at 1763 and around the channel support area.

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