TriumphFX Intraday Forex Analysis – 1 Hour Charts – December 04, 2020
AUDUSD
As suggested in yesterday’s chart analysis, price has been bullish and has been finding resistance around the bullish channel resistance area.
AUDUSD is up-trending and has formed a large bullish channel. The moving averages are bullish and widening, signalling that the uptrend may continue. Price is also up-trending on higher time-frames.
Opportunities to go long could exist around the dynamic support of the moving averages, around the bullish channel support area and around the horizontal levels at 0.7400, 0.7355, 0.7340 and 0.7325. AUDUSD may be rejected or reverse around the bullish channel resistance area.
The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
US unemployment rate and non-farm employment change figures will be released at 1330 UTC today.
EURGBP
Price reversed around the longer-term moving average, as suggested in yesterday’s chart analysis.
EURGBP is up-trending and is currently in a retrace phase. The moving averages are bullish and widening, suggesting that the uptrend could continue.
Long opportunities may exist around the longer-term moving average, around the trend support area and around the horizontal levels at 0.8995 and 0.8935. A bullish move could stall or reverse around the shorter-term moving average and around the recent highs at 0.9080.
The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.
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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
As suggested in yesterday’s chart analysis, EURUSD has been bullish and has swung higher.
Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and widening, signalling that the upside direction may continue.
Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels, around the diagonal support area and around the previous horizontal resistance at 1.1995.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.
US unemployment rate and non-farm employment change figures will be released at 1330 UTC today.
GBPUSD
GBPUSD closed above the range resistance area and has since been bullish, as suggested in yesterday’s chart analysis.
Price is above the recent consolidation and the moving averages are bullish, all suggesting that GBPUSD could start up-trending. Price has recently closed above a key resistance on higher time-frames, confirming the potential upside.
Opportunities to go long may exist around the bullish moving averages and around the support and resistance areas of the previous range.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
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.
US unemployment rate and non-farm employment change figures will be released at 1330 UTC today.
USDCAD
As suggested in yesterday’s chart analysis, price has been bearish and has swung lower.
The USDCAD is clearly down-trending. The moving averages are bearish and widening, suggesting that the downtrend may continue. Price has recently closed below a key support area on higher time-frames, adding confidence to further downside.
Opportunities to go short could exist around the trend resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1.2935 and 1.3005.
The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
US unemployment rate and non-farm employment change figures will be released at 1330 UTC today. Canadian unemployment rate and employment change figures will be released at the same time.
USDCHF
Price has been bearish and has moved lower, as suggested in yesterday’s chart analysis.
The USDCHF is down-trending. The moving averages are bearish and widening, signalling that the trend could continue. Price is looking a little over-extended, suggesting that the USDCHF could start a retrace move.
Shorting opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages, around the trend resistance area and around 0.9020.
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 at least 2021.
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
US unemployment rate and non-farm employment change figures will be released at 1330 UTC today.
USDJPY
As suggested in yesterday’s chart analysis, the USDJPY has found support around 103.65.
Price is looking indecisive again. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. The USDJPY is ranging between 103.65 and 104.75.
Trading opportunities could exist around the support and resistance areas of the range and if price closes out of the range (break-out trade).
The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.
The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.
US unemployment rate and non-farm employment change figures will be released at 1330 UTC today.
XAUUSD
GOLD reversed around the shorter-term moving average, as suggested in yesterday’s chart analysis.
Price is forming a higher swing high, signalling that GOLD could start up-trending. The moving averages confirm the potential upside – they are bullish and widening.
Buying opportunities may exist around the dynamic support of the moving averages and around the horizontal level at 1816. A bullish move could be rejected or reverse around any of the horizontal levels at 1857, 1876 and 1896.
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