TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 25, 2021


Previous analysis… https://analysis.tfxi.com/2021/01/22/triumphfx-intraday-forex-analysis-1-hour-charts-january-22-2021/ AUDUSD AUDUSD has been moving sideways. Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision. AUDUSD is up-trending on higher time-frames, signalling a potential bullish move. Trading opportunities may 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, 0.7710, 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 As suggested in Friday’s chart analysis, EURGBP reversed around 0.8920. Price continues to be indecisive and lack trend direction. The moving averages are tight and moving sideways, confirming the market indecision. EURGBP is also indecisive on higher time-frames. Price action is forming a horizontal channel at 0.8835-0.8920 and EURGBP is moving within the channel. Trading opportunities could exist around the moving averages, around the previous trend resistance area (as support) and around the support and resistance areas of the horizontal channel. 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 Price has been finding resistance around the bullish channel resistance area, as suggested in Friday’s chart analysis. EURUSD is up-trending within a bullish channel. The moving averages are bullish and steady, suggesting that the uptrend could continue. Price is also up-trending on higher time-frames. Buying opportunities may 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 could be rejected or reverse around the channel resistance area and around the horizontal levels at 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. There is no major scheduled news today that will directly impact this currency pair. GBPUSD As suggested in Friday’s chart analysis, price reversed around the longer-term moving average and has been bullish. GBPUSD is up-trending. The moving averages are bullish and steady, suggesting that the uptrend may continue. Price is also up-trending on higher time-frames. Long opportunities could exist around the dynamic support of the moving averages and around the horizontal support levels at 1.3645, 1.3625 and 1.3525. A bullish move may be rejected or reverse around the recent swing high at 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 The USDCAD has been moving sideways. Price was down-trending and is currently in a retrace phase. The USDCAD has become choppy, suggesting that the downtrend could be over. The moving averages suggest market indecision – they have been crossing frequently and are moving sideways. Trading opportunities may exist around the moving averages and around the horizontal levels at 1.2615, 1.2735, 1.2755, 1.2795 and 1.2835. 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 As suggested in Friday’s chart analysis, the USDCHF has reversed around the bearish channel support area and has been finding resistance around 0.8865. Price is down-trending within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend may continue. The USDCHF is also down-trending on higher time-frames. Selling opportunities could exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 0.8865 and 0.8920. A bearish move may stall or reverse around the channel support area and around the horizontal levels at 0.8845, 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 Price has reversed around the bearish channel resistance area, as suggested in Friday’s chart analysis. The USDJPY is down-trending within a bearish channel. The moving averages are tight and moving sideways, signalling indecision – price could struggle to swing lower. Shorting opportunities may exist around the bearish channel resistance area and around the horizontal resistance levels at 104.10 and 104.35. A bearish move could find support around the moving averages, around 103.35 and around the bearish channel support area. 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 As suggested in Friday’s chart analysis, price reversed around the 50.0% Fib level. GOLD has formed a higher swing high, suggesting that price could start up-trending. Price is currently in a retrace move. The moving averages are tight and moving sideways though, signalling indecision. Opportunities to go long could exist around any of the key Fib levels and around the horizontal levels at 1843 and 1811. A bullish move may find resistance around the moving averages and around the horizontal levels at 1874, 1907 and 1926. Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/