TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 01, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, the AUDUSD has reversed around the bullish channel resistance area.

Price is up-trending and is currently in a retrace phase. The moving averages are tightening and starting to move sideways, signalling that the AUDUSD could struggle to swing higher.

Buying opportunities may exist around the bullish channel support area and around the horizontal support levels at 0.7325 and 0.7265. A bullish move could be rejected or reverse around the moving averages, around the recent highs at 0.7405 and around the bullish channel resistance area.

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

The EURGBP has reversed around 0.9000, as suggested in Friday’s chart analysis.

Price has been indecisive but has recently formed some higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages, around the diagonal support area and around the horizontal levels at 0.8935, 0.8895, 0.8880 and 0.8865. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 0.8995 and 0.9000.

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, price was bullish and then reversed around the bullish channel resistance area.

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

Opportunities to go long may exist around the longer-term moving average and around the horizontal levels at 1.1895 and 1.1815. A bullish move could stall or reverse around the shorter-term moving average, around the previous support and resistance areas of the bullish channel and around the recent highs at 1.1995.

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

Price has been moving sideways, as suggested in Friday’s chart analysis.

The GBPUSD is indecisive and has formed a horizontal channel at 1.3295-1.3395. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if the GBPUSD moves out of the channel (break-out trade). A break to the downside may find support around 1.3205.

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, USDCAD has been bearish and has swung lower.

Price is clearly 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. USDCAD is currently testing a key support on higher time-frames though, suggesting a potential bullish move.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance levels at 1.2995 and 1.3025. A bearish move could find support around 1.2935.

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

USDCHF has formed a swing lower, as suggested in Friday’s chart analysis.

Price is down-trending and is currently in a retrace phase. The moving averages are bearish and steady, signalling that the downtrend may continue. USDCHF is also down-trending on higher time-frames.

Shorting opportunities could exist around the trend resistance area, around the 61.8% Fib level and around the horizontal resistance levels at 0.9145 and 0.9185. A bearish move may be rejected or reverse around the moving averages and around the recent lows at 0.9020.

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

Price continues to move sideways.

USDJPY is indecisive. The moving averages are tight and moving sideways – confirming the market indecision. Price is down-trending on higher time-frames, signalling a potential downside move.

Trading opportunities may exist around the moving averages and around the horizontal levels at 103.65, 103.85, 104.70, 105.05 and 105.60.

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

As suggested in Friday’s chart analysis, price has swung lower and has been bearish.

GOLD is down-trending. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1803 and 1816. A bearish move may stall or reverse around 1767.

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