TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 09, 2021


Previous analysis… https://analysis.tfxi2.com/2021/11/08/triumphfx-intraday-forex-analysis-1-hour-charts-november-08-2021/

AUDUSD

AUDUSD 1 Hour Chart

Price has been moving sideways.

AUDUSD is down-trending and is currently in a retrace move. Recent price action has been sideways and the moving averages are tightening and also moving sideways, signalling market indecision. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7370, 0.7430, 0.7470 and 0.7490.

The Reserve Bank of Australia (RBA) continues to keep the official interest rate at the record low of 0.10%. The rate is could stay the same until 2024. The RBA are expecting an economic bounce back during 2022.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

A US PPI figure will be released at 1330 UTC today. This is followed by a speech from the Chair of the Federal Reserve at 1400 UTC.

EURGBP

EURGBP 1 Hour Chart

As suggested in our last chart analysis, price has been finding support around the 38.2% Fib level.

EURGBP is up-trending and is currently in a retrace move. The moving averages are bullish, signalling that the uptrend could continue. Price continues to be indecisive on higher time-frames.

Opportunities to go long may exist around the longer-term moving average, around the trend support area, around any of the key Fib levels and around the horizontal levels at 0.8510, 0.8465 and 0.8440. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 0.8580 and 0.8590.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. Inflation targets and economic growth forecasts have been lifted for this year.

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, although inflation fears have been mentioned by many.

The Governor of the BOE will speak at 1600 UTC today.

EURUSD

EURUSD 1 Hour Chart

EURUSD has been bullish.

Price was down-trending but EURUSD has swung above the moving averages and trend resistance area, suggesting that the downtrend may be over. The moving averages are tightening and are moving sideways, signalling potential indecision.

Trading opportunities could exist around the previous trend resistance area (as support), around the moving averages and around any of the horizontal levels at 1.1515, 1.1570, 1.1615, 1.1620 and 1.1665.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They have said that no rate change is expected in the near or distant future. Inflation targets and economic growth forecasts have been lifted for this year.

A US PPI figure will be released at 1330 UTC today. This is followed by a speech from the Chair of the Federal Reserve at 1400 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last chart analysis, GBPUSD found resistance around the longer-term moving average.

Price has since moved above the moving average and is in a clear retrace move. GBPUSD is down-trending. Price could struggle to swing lower, as GBPUSD is above the moving averages and is up-trending on higher time-frames.

Opportunities to go short may exist around the trend resistance area and around the horizontal levels at 1.3605, 1.3695 and 1.3710. A bearish move could become bullish around the moving averages and around the recent swing low at 1.3430.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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, although inflation fears have been mentioned by many.

A US PPI figure will be released at 1330 UTC today. This is followed by a speech from the Chair of the Federal Reserve at 1400 UTC. The Governor of the BOE will speak at 1600 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been finding support around the longer-term moving average and the bullish channel support area, as suggested in yesterday’s chart analysis.

The USDCAD is up-trending and is currently in a retrace move. The moving averages are tightening and are moving sideways, suggesting market indecision. Price continues to move within a bullish channel.

Long opportunities could exist around the bullish channel support area and around any of the horizontal support levels at 1.2425, 1.2375 and 1.2355. A bullish move may stall or reverse around the recent swing high at 1.2475.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to continue to improve.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

A US PPI figure will be released at 1330 UTC today. This is followed by a speech from the Chair of the Federal Reserve at 1400 UTC. The Governor of the BOC will speak at 2245 UTC.

USDCHF

USDCHF 1 Hour Chart

As suggested in yesterday’s analysis, price has been moving sideways.

The USDCHF is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9090, 0.9105, 0.9120, 0.9155, 0.9170 and 0.9225.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

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 2022. The Swiss economy is recovering from COVID and seems stable.

A US PPI figure will be released at 1330 UTC today. This is followed by a speech from the Chair of the Federal Reserve at 1400 UTC.

USDJPY

USDJPY 1 Hour Chart

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

Price is below the recent consolidation area and is forming a swing lower, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and widening.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around any of the horizontal levels at 113.30, 113.50 and 113.90.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is expected to make a moderate recovery from the COVID crisis but some analysts are stating that the Japanese economy is stagnant and may experience economic challenges in the coming months.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than originally expected and is making a strong economic recovery post-COVID. Inflation has elevated and may continue to do so in the coming months.

A US PPI figure will be released at 1330 UTC today. This is followed by a speech from the Chair of the Federal Reserve at 1400 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last analysis, GOLD has been bullish.

Price has formed a large bullish move and is potentially starting a retrace move. The moving averages are bullish and widening, suggesting that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 1812, 1808, 1803 and 1795. A bullish move could find resistance around 1825.

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