TriumphFX Intraday Forex Analysis – 1 Hour Charts – November 24, 2021


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Previous analysis… https://analysis.tfxi2.com/2021/11/23/triumphfx-intraday-forex-analysis-1-hour-charts-november-23-2021/

AUDUSD

AUDUSD 1 hour chart

As suggested in yesterday’s analysis, the AUDUSD has been finding support around the bearish channel support area.

Price is down-trending and is currently forming a swing lower. The moving averages are bearish and steady, suggesting that the downtrend could continue. The AUDUSD is moving within a bearish channel and is currently finding support around the channel support area.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area, around the trend resistance area and around the horizontal resistance levels at 0.7270 and 0.7290. A bearish move continue to find support around the channel support area.

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 GDP figure will be released at 1330 UTC today. This is followed by a US price index figure at 1500 UTC and FOMC at 1900 UTC.

EURGBP

EURGBP 1 Hour Chart

The EURGBP has reversed around the range resistance area, as suggested in yesterday’s chart analysis.

Price is indecisive and is moving sideways. Price action has formed a horizontal channel at 0.8380-0.8425 and the EURGBP is moving within the channel. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the horizontal channel (break-out trade). A break to the upside may find resistance around 0.8465.

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 our last chart analysis, price has been reversing off the shorter-term moving average.

The EURUSD is down-trending. The moving averages are bearish and steady, suggesting that the downtrend could continue. Price is currently moving sideways and is ranging between 1.1230 and 1.1265.

Shorting opportunities may exist around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.1265, 1.1290, 1.1370 and 1.1435. A bearish move could stall or reverse around the recent lows at 1.1230.

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 GDP figure will be released at 1330 UTC today. This is followed by a US price index figure at 1500 UTC and FOMC at 1900 UTC.

GBPUSD

GBPUSD 1 Hour Chart

Price has been bearish, as suggested in our last analysis.

The GBPUSD is down-trending. Price is currently in a retrace move. The moving averages are bearish, suggesting that the downside direction may continue. The GBPUSD is up-trending on higher time-frames and is currently around a key support level, signalling a potential bullish move.

Opportunities to go short could exist around the bearish moving averages and around any of the identified horizontal levels at 1.3405, 1.3475 and 1.3510. A bearish move may be rejected or reverse around the recent lows at 1.3345.

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 GDP figure will be released at 1330 UTC today. This is followed by a US price index figure at 1500 UTC and FOMC at 1900 UTC.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, USDCAD has been finding support around the trend support area.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue. USDCAD has tested the trend support area a number of times, signalling that the support area could break.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2660, 1.2640, 1.2590 and 1.2495. A bullish move could be rejected or reverse around the recent swing high at 1.2735.

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 GDP figure will be released at 1330 UTC today. This is followed by a US price index figure at 1500 UTC and FOMC at 1900 UTC.

USDCHF

USDCHF 1 Hour Chart

USDCHF has been finding support around the shorter-term moving average and has been bullish, as suggested in yesterday’s analysis.

Price is up-trending. The moving averages are bullish and steady, signalling that the uptrend may continue. USDCHF continues to be indecisive on higher time-frames.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 0.9320, 0.9250 and 0.9235.

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 GDP figure will be released at 1330 UTC today. This is followed by a US price index figure at 1500 UTC and FOMC at 1900 UTC.

USDJPY

USDJPY 1 Hour Chart

As suggested in our last chart analysis, price has been moving sideways.

USDJPY continues to be indecisive. Price action has formed a higher swing high though, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening.

Opportunities to go long may exist around the moving averages and around any of the identified horizontal levels at 114.60, 114.45, 113.95. 113.75 and 113.65. A bullish move could find resistance around the recent swing high at 115.20.

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 GDP figure will be released at 1330 UTC today. This is followed by a US price index figure at 1500 UTC and FOMC at 1900 UTC.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bearish, as suggested in our last analysis.

GOLD is down-trending and is currently in a retrace move. The moving averages are bearish and widening, signalling that the downtrend may continue.

Selling 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 1797, 1822, 1832 and 1844. A bearish move may find support around 1783 and 1762.

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