TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 13, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish and has found support around the bearish channel support area.

The AUDUSD is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages have crossed bearish and price is moving within a bearish channel, all suggesting 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 0.7250, 0.7315 and 0.7335. A bearish move may be rejected or reverse around the bearish channel support area and around the horizontal levels at 0.7195 and 0.7075.

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

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

The EURGBP is down-trending and is currently in a large retrace move. The moving averages tightening and price has retraced above all key Fib levels, signalling that price could struggle to swing lower.

Shorting opportunities may exist around the trend resistance area and around the horizontal levels at 0.9000, 0.9050 and 0.9060. A bearish move could stall or reverse around the moving averages and around the horizontal levels at 0.8960 and 0.8865.

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, the EURUSD has been moving sideways.

Price is indecisive and lacking trend momentum. The moving averages are tight and moving sideways – confirming the market indecision. The EURUSD is up-trending on higher time-frames, signalling that price may attempt a bullish move.

Trading opportunities could exist around the support and resistance areas of previous bearish channel and around the horizontal levels at 1.1750, 1.1845 and 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

The GBPUSD has been bearish.

Price has been up-trending but is now looking indecisive. The moving averages confirm the market indecision – they have crossed and are moving sideways.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1.3040, 1.3110 and 1.3280.

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

Price has been bullish.

USDCAD has swung above a key resistance area and the moving averages are bullish and steady, all signalling a potential uptrend. Price action has formed a tight bullish channel.

Opportunities to go long could exist around the tight bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 1.3100 and 1.2940. A bullish move may stall or reverse around the channel resistance area and around the horizontal resistance levels at 1.3280 and 1.3365.

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

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

USDCHF continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tightening and moving sideways. Price is around higher time-frame resistance, suggesting that USDCHF could become bearish.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.9090, 0.9130, 0.9185 and 0.9200.

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

USDJPY has been bearish, as suggested in yesterday’s chart analysis.

Price has become indecisive, just like other USD pairs. The moving averages are tightening and moving sideways – confirming the market indecision. USDJPY is ranging between 104.85 and 105.60.

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 104.10.

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 has been indecisive.

GOLD is moving sideways and is ranging between 1858 and 1888. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the upside could find resistance around 1915.

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