TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 23, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price has been finding resistance around the range resistance area.

AUDUSD continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price is ranging between 0.7220 and 0.7335.

Trading opportunities could exist around the support and resistance areas of the range and if AUDUSD moves out of the range (break-out trade). A break to the downside may find support around 0.7195, 0.7075 and 0.7000.

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 been bearish and has moved lower, as suggested in Friday’s chart analysis.

EURGBP 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 downside direction could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8925, 0.8960 and 0.8990. A bearish move could be rejected or reverse around the recent lows at 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 Friday’s chart analysis, EURUSD reversed around the range resistance area.

Price continues to be indecisive and lack trend direction. The moving averages confirm the current indecision – they are tight and have been crossing frequently. EURUSD is ranging between 1.1820 and 1.1895.

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 1.1750.

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

GBPUSD has closed above 1.3300 and has since been bullish, as suggested in Friday’s chart analysis.

Price is up-trending – price action has formed clear higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend could continue. GBPUSD has formed a potential bullish channel.

Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 1.3300, 1.3205 and 1.3110. Price could be rejected or reverse around the channel resistance area.

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 Friday’s chart analysis, price has been finding support around the horizontal channel support area.

The USDCAD continues to be indecisive (just like other USD pairs). The moving averages are tight and moving sideways, confirming the market indecision. Price is moving within a horizontal channel at 1.3040-1.3120.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the USDCAD moves out of the channel (break-out trade). A break to the downside may find support around 1.2940. A break to the upside may find resistance around 1.3165 and 1.3280.

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.

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

USDCHF 

USDCHF 1 Hour Chart

Price has been finding support around 0.9090, as suggested in Friday’s chart analysis.

The USDCHF is ranging, just like other USD pairs. Price is ranging between the horizontal support at 0.9090 and the recent swing high at 0.9135. The USDCHF is down-trending on higher time-frames, suggesting that price could attempt a bearish move lower.

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 stall or reverse around he horizontal resistance levels at 0.9145, 0.9185 and 0.9200.

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 Friday’s chart analysis, the USDJPY reversed around the 38.2% Fib level.

Price has been down-trending but is now looking indecisive. The moving averages are tightening, confirming the market indecision. The USDJPY may start ranging between 103.65 and 104.10.

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 be rejected or reverse around 103.20. A break to the upside may be rejected or reverse around 104.40 and 105.05.

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

Price continues to be indecisive.

GOLD continues to be indecisive and move within the large horizontal channel at 1858-1896.

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

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