TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 28, 2021


Previous analysis… https://analysis.tfxi.com/2021/01/27/triumphfx-intraday-forex-analysis-1-hour-charts-january-27-2021/

AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been very bearish.

Price has swung below the recent consolidation area, signalling that AUDUSD could start down-trending. The moving averages confirm this – they are bearish and steady.

Opportunities to go short may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around the previous consolidation support area at 0.7665.

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.

An advanced US GDP figure will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, EURGBP has formed a swing lower.

Price action has formed a series of lower swing highs and lower swing lows, suggesting that the trend may continue. The moving averages have been crossing frequently low, signalling market indecision.

Shorting opportunities could exist around the trend resistance area and around the horizontal resistance levels at 0.8900 and 0.8920. A bearish move may be rejected or reverse around the moving averages and around the recent swing low at 0.8825.

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

EURUSD 1 Hour Chart

Price reversed around 1.2055, as suggested in yesterday’s chart analysis.

EURUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently. Price is up-trending on higher time-frames, suggesting that EURUSD could attempt a bullish move.

Trading opportunities may exist around the moving averages, around the diagonal level and around any of the horizontal levels at 1.2055, 1.2165, 1.2180 and 1.2215.

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.

An advanced US GDP figure will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the diagonal resistance area.

GBPUSD has been up-trending. Price has recently closed below the trend support area though, suggesting that upside momentum may be weakening – the uptrend may becoming to an end. The moving averages confirm this – they are moving sideways.

Trading opportunities could exist around the moving averages, around the diagonal support and resistance areas and around the horizontal levels at 1.3525, 1.3610, 1.3630 and 1.3750.

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.

An advanced US GDP figure will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

The USDCAD found resistance around 1.2795, as suggested in yesterday’s chart analysis.

Price has since been bullish. The USDCAD has swung above the recent consolidation area, suggesting that price could start up-trending. Price is down-trending on higher time-frames though, signalling a potential bearish move.

Opportunities to go long may exist around any of the key Fib levels, around the bullish moving averages, around the trend support area and around the horizontal levels at 1.2835, 1.2795, 1.2780. A bullish move could be rejected or reverse around 1.2870.

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.

An advanced US GDP figure will be released at 1330 UTC today.

USDCHF 

USDCHF 1 Hour Chart

The USDCHF continues to be indecisive.

The moving averages have been crossing frequently and are moving sideways, confirming the current indecision. Price action has formed a horizontal channel at 0.8845-0.8925 and the USDCHF is moving within the channel.

Trading opportunities could exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade). A break to the downside may find support around 0.8825.

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.

An advanced US GDP figure will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s chart analysis, price has been finding resistance around 104.35.

The USDJPY has formed a swing higher, suggesting the start of a potential uptrend. The moving averages are bullish and steady, confirming the potential upside.

Long opportunities may exist around the moving averages, around the diagonal support levels and around the horizontal levels at 104.10, 103.90 and 103.55. Price could continue to find resistance around 104.35.

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.

An advanced US GDP figure will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

Price has been bearish.

GOLD has formed a short series of lower swing highs and lows, signalling a potential downtrend. The moving averages are bearish and steady and price action has formed a bearish channel, confirming the potential downside.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 1865, 1874 and 1907. A bearish move may find support around the channel support area and around the recent lows at 1811.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/