TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 22, 2021


Previous analysis… https://analysis.tfxi.com/2021/01/21/triumphfx-intraday-forex-analysis-1-hour-charts-january-21-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price continues to be indecisive.

The AUDUSD is moving within a large consolidation area and is lacking trend direction. The moving averages have been crossing frequently, confirming the market indecision. Price is up-trending on higher time-frames, signalling that the AUDUSD may become bullish.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the bearish channel and around the horizontal levels at 0.7655, 0.7665, 0.7775, 0.7800 and 0.7815.

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.

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

EURGBP

EURGBP 1 Hour Chart

Price has been bullish.

The EURGBP has been down-trending. Price has recently swung above the trend resistance area though, suggesting that the downtrend could be coming to an end. The moving averages are moving sideways, signalling market indecision.

Trading opportunities may exist around the moving averages, around the previous trend resistance area (as support) and around the horizontal levels at 0.8835, 0.8880, 0.8920, 0.8930 and 0.8995.

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.

European services and manufacturing PMI figures will be released at 0815 and 0830 UTC today.

EURUSD

EURUSD 1 Hour Chart

The EURUSD has been bullish.

Price continues to be indecisive. Price action has formed a bullish channel though and the moving averages are bullish and steady, all signalling that EURUSD may start up-trending. 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 support levels at 1.2080 and 1.2055. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal levels at 1.2175, 1.2215 and 1.2245.

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.

The ECB will release a monetary policy statement at 1245 UTC today. This is followed by a press conference at 1330 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD forming a bullish move higher.

Price has since been bearish and is forming a retrace move. The moving averages are bullish and steady, suggesting that the GBPUSD could start up-trending.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 1.3455, 1.3525 and 1.3625. A bullish move could stall or reverse around the horizontal resistance levels at 1.3705 and 1.3735.

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.

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

USDCAD

USDCAD 1 Hour Chart

Price has been bullish.

USDCAD is retracing some of the recent bearish move. The moving averages are bearish and widening, signalling that price may attempt to swing lower. USDCAD is also down-trending on higher time-frames.

Opportunities to go short could exist around the trend resistance area, around any of the key Fib levels, around the longer-term moving average and around the horizontal resistance levels at 1.2755 and 1.2795. A bearish move may be rejected around the shorter-term moving average and around the recent swing low at 1.2615.

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.

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

USDCHF 

USDCHF 1 Hour Chart

Price has been bearish.

USDCHF is below the recent consolidation area, suggesting that price could start down-trending. The moving averages confirm the potential trend – they are bearish and steady. USDCHF is also down-trending on higher time-frames.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8855, 0.8865, 0.8920 and 0.8925. A bearish move could find support around the bearish channel support area and around the horizontal levels at 0.8825 and 0.8815.

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.

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

USDJPY

USDJPY 1 Hour Chart

USDJPY is down-trending and has formed a bearish channel. Price is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Selling opportunities could exist around the longer-term moving average, around the bearish channel resistance area and around the horizontal resistance levels at 104.10 and 104.35. A bearish move may find support around the shorter-term moving average, around the bearish channel support area and around 103.35.

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.

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 finding support around the 23.6% Fib level.

Price action has formed a swing higher, signalling that GOLD could start up-trending. The moving averages confirm this – they are bullish and widening.

Long opportunities may exist around the dynamic support of the moving averages and around any of the key Fib levels. A bullish move could be rejected or reverse around 1874, 1907 and 1926.

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