TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 11, 2021


Previous analysis… https://analysis.tfxi2.com/2021/11/10/triumphfx-intraday-forex-analysis-1-hour-charts-november-10-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last analysis, price reversed around the moving averages and has since been bearish.

AUDUSD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downtrend may continue. Price is up-trending on higher time-frames and is nearing key support levels, suggesting a potential bullish move.

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 0.7370, 0.7385, 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.

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

EURGBP

EURGBP 1 Hour Chart

Price has been bullish, as suggested in our last chart analysis.

EURGBP is up-trending and is currently in a retrace phase. The moving averages are tight and moving sideways, suggesting market indecision – price could start moving sideways.

Opportunities to go long may exist around the trend support area and around any of the horizontal levels at 0.8535, 0.8525, 0.8510 and 0.8465. A bullish move could stall or reverse 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

EURUSD has been bearish.

Price was looking indecisive but EURUSD has swung below the recent consolidation area, suggesting a potential downtrend. The moving averages confirm this – they have crossed bearish.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.1515, 1.1540, 1.1570 and 1.1600.

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.

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

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s analysis, GBPUSD has been bearish.

Price is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are crossing bearish, suggesting that the downside direction could continue. GBPUSD is up-trending on higher time-frames and is at key support levels, signalling a potential bullish move.

Selling opportunities may exist around any of the key Fib levels, around the bearish moving averages, around the trend resistance area and around any of the horizontal levels at 1.3430, 1.3605 and 1.3695.

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.

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

USDCAD

USDCAD 1 Hour Chart

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

The USDCAD is up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently forming a swing higher. The moving averages are crossing bullish, suggesting that the uptrend may continue.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the previous horizontal levels at 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.

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

USDCHF

USDCHF 1 Hour Chart

Price has been bullish.

The USDCHF was indecisive. Price has swung above the recent consolidation area though, suggesting a potential uptrend. The moving averages confirm this – they have crossed bullish.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.9170, 0.9155 and 0.9105. A bullish move could be rejected or reverse around 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.

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

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been bullish.

Price is looking indecisive again. The moving averages have been crossing frequently and are tightening – confirming the indecision.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 112.75, 113.30, 113.65, 113.95, 114.20 and 114.40.

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.

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

XAUUSD

XAUUSD 1 Hour Chart

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

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

Opportunities to go long may exist around the dynamic support of the moving averages and around any of the horizontal levels at 1832, 1822, 1812, 1808 and 1803. A bullish move could find resistance around 1861.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/