TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 02, 2020


AUDUSD

AUDUSD 1 Hour Chart

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

AUDUSD has been up-trending within a large bullish channel. Price is currently in a retrace phase. The moving averages are tight and moving sideways, signalling market indecision – AUDUSD may struggle to swing higher.

Opportunities to go long could exist around the bullish channel support area and around the horizontal levels at 0.7340, 0.7325 and 0.7265. A bullish move may find resistance around 0.7400 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.

The Chair of the Federal Reserve will speak at 1500 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the diagonal support area, as suggested in yesterday’s chart analysis.

EURGBP has swung higher and is up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the current trend could continue. EURGBP is indecisive on higher time-frames, signalling that price could become indecisive on the 1 hour time-frame also.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal level at 0.8935. Price could be rejected or reverse around the horizontal resistance levels at 0.8995 and 0.9005.

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, EURUSD reversed around the longer-term moving average and has since been bullish.

Price is up-trending and is currently forming a swing higher. The moving averages confirm that the uptrend may continue – they are bullish and steady. EURUSD is looking a little over-extended though, signalling that a retrace move may be due.

Buying opportunities could exist around the previous diagonal resistance area (as support), around the dynamic support of the moving averages and around the horizontal levels at 1.1995 and 1.1925.

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.

The Chair of the Federal Reserve will speak at 1500 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

GBPUSD reversed around the horizontal channel resistance area, as suggested in yesterday’s chart analysis.

Price has since been bullish and has swing above the channel resistance area. GBPUSD is above the recent consolidation, signalling a potential uptrend. The moving averages are still tight and moving sideways though, suggesting market indecision.

Opportunities to go long may exist around the moving averages, around the long-term trend support area and around the horizontal levels at 1.3395, 1.3320 and 1.3295.

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.

The Chair of the Federal Reserve will speak at 1500 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been bearish. As also suggested, the USDCAD is finding support around 1.2935.

The USDCAD is down-trending. Price action has formed a bearish channel and the moving averages are bearish and steady, signalling that the downside direction may continue. Price is still around a key support area on higher time-frames, suggesting a potential bullish move.

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 1.3005 and 1.3025. A bearish move may stall or reverse around 1.2935 and around the bearish channel support area.

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.

The Chair of the Federal Reserve will speak at 1500 UTC today.

USDCHF 

USDCHF 1 Hour Chart

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

The USDCHF is down-trending. The moving averages suggest that the downtrend could continue – they are bearish and steady. Price is also down-trending on higher time-frames.

Shorting opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 0.9020 and 0.9090.

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.

The Chair of the Federal Reserve will speak at 1500 UTC today.

USDJPY

USDJPY 1 Hour Chart

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

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

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

The Chair of the Federal Reserve will speak at 1500 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bullish.

Price was down-trending but the current bullish move has been strong, suggesting that downside momentum could be weakening. The moving averages are moving sideways, signalling market indecision. GOLD could start ranging between the horizontal levels at 1767 and 1816.

Trading opportunities may exist around the previous trend resistance area (as support), around the moving averages and around the horizontal levels at 1767, 1816, 1857, 1876 and 1896.

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