TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 10, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD was bullish and swung higher.

Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the upside direction could continue. AUDUSD is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.7250 and 0.7195. A bullish move could stall or reverse around 0.7335.

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 bearish.

Price action has formed short series of lower swing highs and lower swing lows, signalling a potential downtrend. Price action has also formed a bearish channel. The moving averages are crossing frequently and moving sideways, suggesting market indecision.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8995, 0.9050, 0.9060 and 0.9085. A bearish move may stall or reverse around the bearish channel support area and around the recent lows at 0.8960.

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 reversed around the longer-term moving average and the 38.2% Fib level.

EURUSD is up-trending and is currently in a retrace phase. The moving averages are bullish and steady, suggesting that the uptrend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.1800 and 1.1760. A bullish move could be rejected or reverse around the shorter-term moving average and around the recent swing high at 1.1895.

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 bullish, as suggested in yesterday’s chart analysis.

GBPUSD is up-trending within a large bullish channel. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.3110 and 1.3040. A bullish move may find resistance around the bullish channel resistance area and around the recent highs at 1.3190.

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 has been finding resistance around the shorter-term moving average.

Price is down-trending – price action has formed a series of lower swing lows and lower swing highs. The USDCAD has formed a bearish channel and the moving averages are bearish and steady, signalling that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3090 and 1.3100. A bearish move could find support around the recent swing low at 1.2940 and around the bearish channel support area.

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 has been finding resistance around the trend resistance area, as suggested in yesterday’s chart analysis.

Price is down-trending and is currently in a retrace phase. The moving averages are tightening and USDCHF is above a number of support levels, all suggesting that price may struggle to swing lower.

Opportunities to go short could exist around the trend resistance area and around the horizontal resistance levels at 0.9180 and 0.9200. A bearish move may reverse around the moving averages and around the horizontal levels at 0.9105, 0.9090 and 0.8980.

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

Price has been very bullish.

The USDJPY is now looking indecisive though. The moving averages confirm the market indecision – they have been crossing frequently. Price is down-trending on higher time-frames and is currently at key resistance, signalling that the USDJPY could attempt a bearish move.

Trading opportunities may exist around the moving averages and around the horizontal levels at 103.25, 104.10, 105.20 and 105.70.

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

Price has been bearish.

GOLD has formed a strong move lower and is currently in a retrace move. The moving averages are crossing bearish and price is below a number of support levels, suggesting that price may start down-trending.

Selling opportunities could exist around any of the key Fib levels, around the previous trend support area (as resistance), around the dynamic resistance of the moving averages and around any of the horizontal levels at 1889, 1915, 1927 and 1937. A bearish move may find support around 1858.

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