TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 03, 2020


AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD has been bullish and has moved higher.

Price continues to uptrend within a large bullish channel. The moving averages are moving sideways though, suggesting market indecision.

Buying opportunities may exist around the moving averages, around the bullish channel support area and around the horizontal levels at 0.7355, 0.7340 and 0.7325. The AUDUSD could be rejected or reverse around the recent swing high at 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.

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

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been bullish, as suggested in yesterday’s chart analysis.

Price is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the previous resistance levels at 0.9005 and 0.8995. The EURGBP may find resistance around the recent highs at 0.9080.

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, price reversed around the previous diagonal resistance area (as support) and has been bullish.

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

Opportunities to go long may exist around the dynamic support of the moving averages, around the diagonal support area and around the horizontal level 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 reversed around 1.3295, as suggested in yesterday’s chart analysis.

The GBPUSD has become indecisive again. The moving averages confirm the market indecision – they are moving sideways. Price may start ranging between 1.3295 and 1.3430.

Trading opportunities could exist around the support and resistance areas of the range and if the GBPUSD moves 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 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, USDCAD reversed around the shorter-term moving average.

Price is down-trending within a bearish channel. USDCAD is currently finding support around 1.2925 and struggling to close lower. The moving averages are bearish and steady though, suggesting that the downtrend could continue. USDCAD is still testing a key support level on higher time-frames, signalling that price could attempt a bullish move.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 1.3005 and 1.3025. Price could continue to find support around 1.2925.

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

Price is down-trending. USDCHF is also down-trending on higher time-frames. The moving averages are signalling that the downside direction may continue – they are bearish and steady.

Shorting opportunities could exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the trend resistance area and around the previous horizontal support 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 has been bullish.

USDJPY continues to be indecisive but is showing signs of potential upside. The moving averages confirm this – they are bullish and widening.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal support levels at 103.85 and 103.65. A bullish move could be rejected or reverse around 104.75, 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

GOLD has been bullish.

Price continues to look indecisive. The moving averages are moving sideways – confirming the current indecision. GOLD is forming a higher swing high though, suggesting potential upside.

Long opportunities could exist around the moving averages and around the horizontal levels at 1816 and 1767. A bullish move may find resistance around 1857 and 1876.

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