TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 19, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed again around the range resistance area.

The AUDUSD continues to be indecisive and range between 0.7220 and the horizontal resistance at 0.7335. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if the AUDUSD moves out of the range (break-out trade). A break to the downside could find support around 0.7195 and 0.7075.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that 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 stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

EURGBP

EURGBP 1 Hour Chart

Price has found resistance around 0.8960 and the diagonal resistance area, as suggested in yesterday’s chart analysis.

The EURGBP continues to be indecisive but show signs of a potential downtrend. The moving averages confirm this – they have become bearish.

Selling opportunities could exist around the diagonal resistance area, around the longer-term moving average and around the horizontal levels at 0.8960, 0.8990, 0.9005 and 0.9050. A bearish move may be rejected or reverse around the shorter-term moving average and around the horizontal support levels at 0.8925 and 0.8865.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

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.

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 reversed off the recent highs at 1.1895.

Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The EURUSD is ranging between 1.1750 and 1.1895.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade).

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

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 action has formed a swing higher, suggesting that the GBPUSD may start up-trending again. The moving averages are bullish and steady, confirming the potential upside. Price is around a key resistance area on higher time-frames.

Buying opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.3110 and 1.3040. A bullish move may be rejected or reverse around the shorter-term moving average and around the recent swing high at 1.3300.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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.

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, price has been moving sideways.

USDCAD has become indecisive again. Price is lacking trend direction. The moving averages confirm the current indecision – they are tight and moving sideways.

Trading opportunities may exist around any of the identified horizontal levels at 1.2940, 1.3045, 1.3120, 1.3165, 1.3280 and 1.3365.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

A Canadian employment change figure will be released at 1330 UTC today.

USDCHF 

USDCHF 1 Hour Chart

Price has reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.

USDCHF continues to look indecisive, just like other USD pairs. Price has recently been down-trending though and price action has formed a bearish channel. The moving averages are bearish and steady, signalling that the downside momentum may continue. USDCHF is down-trending on higher time-frames, adding confidence to the potential downside move.

Shorting opportunities could exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal resistance levels at 0.9145, 0.9185 and 0.9200. A bearish move may stall or reverse around the recent lows at 0.9090 and the bearish channel support area.

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 at least 2021.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, USDJPY has been bearish and has swung lower.

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

Opportunities to go short may exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the trend resistance area and around the horizontal levels at 104.40 and 105.05. A bearish move could find support around 103.25.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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, relative to other 1st world countries.

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

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish.

Price is indecisive and is moving within a horizontal channel at 1858-1896. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the channel and if GOLD moves out of the channel (break-out trade).

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