TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 10, 2021


Previous analysis… https://analysis.tfxi2.com/2021/11/09/triumphfx-intraday-forex-analysis-1-hour-charts-november-09-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the AUDUSD reversed around 0.7430 and also found support around 0.7370.

Price was showing signs of indecision but is now looking bearish again. The AUDUSD continues to downtrend. The moving averages are bearish and steady, signalling that the downtrend could continue.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7370, 0.7430 and 0.7470.

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.

US CPI figures will be released at 1330 UTC. Australian employment change and unemployment rate figures will be released at 0030 UTC.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has been moving sideways.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The EURGBP is currently in a retrace move. The moving averages are tight, signalling market indecision – price may struggle to swing higher.

Buying opportunities could exist around the 50.0% and 61.8% Fib levels, around the trend support area and around any of the horizontal levels at 0.8525, 0.8510 and 0.8465. A bullish move may stall or reverse around the moving averages 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.

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

EURUSD

EURUSD 1 Hour Chart

As suggested in yesterday’s analysis, price has been moving sideways and is currently finding support around 1.1570.

The EURUSD is indecisive and is lacking trend direction. The moving averages are moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages, around the previous diagonal resistance area and around any of the horizontal levels at 1.1515, 1.1540, 1.1570, 1.1600, 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.

US CPI figures will be released at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

Price reversed around the trend resistance area, as suggested in our last chart analysis.

The GBPUSD is down-trending. Price is currently in a retrace move. The moving averages have crossed bullish, suggesting that the GBPUSD may struggle to swing lower. Price is up-trending on higher time-frames, signalling a potential bullish move.

Shorting opportunities could exist around the trend resistance area and around the horizontal levels at 1.3605, 1.3695 and 1.3710. A bearish move may reverse and 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.

US CPI figures will be released at 1330 UTC.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, USDCAD reversed around the bullish channel support area.

Price has since been bearish though and has broken below the channel support area. The moving averages have crossed bearish, suggesting that the current uptrend could becoming to an end.

Long opportunities may exist around any of the horizontal support levels at 1.2375, 1.2355, 1.2330 and 1.2295. A bullish move could be rejected or reverse around the moving averages, around the previous support area of the bullish channel and around the horizontal levels at 1.2430, 1.2460 and 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.

US CPI figures will be released at 1330 UTC.

USDCHF

USDCHF 1 Hour Chart

USDCHF reversed around 0.9105, as suggested in our last chart analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.9090, 0.9105, 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.

US CPI figures will be released at 1330 UTC.

USDJPY

USDJPY 1 Hour Chart

Price has been moving sideways.

USDJPY is down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently in a retrace move. The moving averages are bearish and widening, suggesting that the downtrend could continue.

Opportunities to go short may 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. A bearish move could find support around 112.75.

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.

US CPI figures will be released at 1330 UTC.

XAUUSD

XAUUSD 1 Hour Chart

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

GOLD is up-trending. The moving averages suggest that the uptrend may continue – they are bullish and steady.

Opportunities to go long could exist around the dynamic support of the moving averages and around any of the horizontal levels at 1812, 1808, 1803, 1797 and 1786.

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