TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 17 ,2021


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Previous analysis… https://analysis.tfxi2.com/2021/11/12/triumphfx-intraday-forex-analysis-1-hour-charts-november-12-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price reversed around the trend resistance area and around 0.7370 and has since been bearish.

AUDUSD is down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are currently tight and moving sideways, signalling market indecision – the downtrend may becoming to an end.

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 and 0.7430. A bearish move may stall or reverse around the recent lows at 0.7275.

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 bearish.

EURGBP has swung below a number of key support levels and is forming a large bearish move, suggesting a potential downtrend. The moving averages confirm the potential trend – they are bearish and widening. Price is starting to look a little over-extended, signalling a potential retrace move.

Shorting opportunities may exist around the bearish moving averages, around any of the key Fib levels and around the horizontal levels at 0.8425, 0.8440, 0.8465 and 0.8510.

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 Friday’s chart analysis, EURUSD has been bearish and has swung lower.

Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and steady, signalling that the downtrend may continue.

Selling opportunities could exist around any of the key Fib levels, around the bearish moving averages and around the horizontal levels at 1.1435, 1.1460 and 1.1515.

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

GBPUSD found resistance around the trend resistance area, as suggested in our last analysis.

Price has been down-trending – price action has formed a clear series of lower swing highs and lower swing lows. Recent price action has been moving sideways though – GBPUSD is currently indecisive. The moving averages confirm the market indecision – they are tight and moving sideways.

Trading opportunities may exist around the moving averages, around the trend resistance area and around any of the horizontal levels at 1.3355, 1.3405, 1.3470, 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

As suggested in our last analysis, price reversed around the 50.0% Fib level.

The USDCAD is up-trending and is currently bullish toward recent highs. The moving averages have crossed bearish, suggesting that price may struggle to swing high.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2495, 1.2475, 1.2460 and 1.2400. A bullish move may stall or reverse around the recent highs at 1.2595.

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 Canadian CPI figure will be released at 1330 UTC today.

USDCHF

USDCHF 1 Hour Chart

Price has been bullish and has swung higher, as suggested in Friday’s chart analysis.

The USDCHF is up-trending and is currently forming a swing higher. The moving averages are bullish and steady, signalling that the uptrend could continue.

Long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.9235 and 0.9190.

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 was indecisive but the USDJPY has recently been bullish and has swung above the consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening. Price is also up-trending on higher time-frames.

Buying opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 114.40, 114.30, 113.75 and 113.65.

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 Friday’s chart analysis, the XAUUSD has been bullish.

GOLD is up-trending and is currently in a retrace move. The moving averages are tightening and are moving sideways, signalling market indecision – the uptrend could becoming to an end.

Opportunities to go long may exist around the horizontal levels at 1845, 1832 and 1803. A bullish move could be rejected or reverse around the moving averages and around the horizontal resistance levels at 1868 and 1875.

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