TriumphFX Intraday Forex Analysis – 1 Hour Charts – October 27, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has been moving sideways and has been reversing around horizontal levels.

Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and are moving sideways. AUDUSD is ranging between 0.7105 and 0.7150.

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 0.7090, 0.7065 and 0.7030. A break to the upside may find resistance around 0.7185, 0.7205 and 0.7240.

The Reserve Bank of Australia (RBA) have kept rates at 0.25% (a record low). Policymakers are now focused on economic recovery created by the COVID-19 crisis. The board believe they recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

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

EURGBP

EURGBP 1 Hour Chart

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

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9015, 0.9050, 0.9110, 0.9120 and 0.9145.

The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.

The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price is indecisive.

EURUSD continues to move sideways and lack trend momentum. The moving averages confirm the current indecision – they are tight and moving sideways. Price is up-trending on higher time-frames, suggesting that EURUSD may attempt a bullish move.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.1800, 1.1865 and 1.1875.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

The European Central Bank (ECB) has recently become more optimistic about the Eurozone’s economic future. Strong economic stimulus and low interest rates will need to remain to support growth and inflation though. The interest rate continues to be at the record low of 0.00%.

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

GBPUSD

GBPUSD 1 Hour Chart

Price has been moving sideways, just like other USD pairs.

GBPUSD has become indecisive. The moving averages are also moving sideways, confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2865, 1.2885, 1.2925, 1.2995, 1.3070 and 1.3160.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

The Bank of England (BOE) has set the interest rate at a record low of 0.10%. Policymakers believe that the UK will take longer to recover from the COVID-19 economic crisis than first initially thought. They have warned about cutting rates below 0.00%, meaning that a negative rate is unlikely in the near future.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD is finding support around the shorter-term moving average.

Price action has formed a short series of higher swing highs and lows – the USDCAD may be up-trending. The moving averages confirm this – they are bullish and steady.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area, around the previous diagonal resistance area (as support) and around the horizontal levels at 1.3170, 1.3115 and 1.3090. A bullish move may be rejected or reverse around the horizontal levels at 1.3220, 1.3250 and 1.3335.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Policymakers have announced that there are signs of some recovery after the economic crisis caused by COVID-19 but the BOC will continue their quantitative easing program. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

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

USDCHF 

USDCHF 1 Hour Chart

The USDCHF reversed around the range resistance area, as suggested in yesterday’s chart analysis.

Price is indecisive and is moving within a horizontal channel at 0.9035-0.9080. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCHF moves out of the channel (break-out trade). A break to the upside could find resistance around 0.9165 and 0.9190.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The Swiss economy continues to be stagnant. The economy was showing signs of positive momentum but COVID-19 is causing the economic to contraction. The Swiss Franc continues to be highly valued as a safe-haven currency. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

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

USDJPY

USDJPY 1 Hour Chart

Just like other USD pairs, USDJPY has become indecisive.

The USDJPY has been moving sideways. The moving averages confirm the indecision – they are tight and moving sideways. Price is down-trending on higher time-frames, suggesting that the USDJPY may attempt a bearish move.

Trading opportunities could exist around any of the horizontal levels at 104.40, 104.60, 105.00, 105.05 and 105.20.

The Federal Reserve have suggested that rates may remain low for the short-term future. Rates currently remain at the low of 0.25%. Inflation is around target and the US job market continues to be robust.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis.

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

XAUUSD

XAUUSD 1 Hour Chart

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

GOLD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1876, 1883, 1890, 1893, 1913 and 1931.

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