TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 06, 2022


Previous analysis… https://analysis.tfxi.com/2021/12/18/triumphfx-intraday-forex-analysis-1-hour-charts-december-17-2021/

AUDUSD

AUDUSD 1 Hour Chart

The AUDUSD has been bearish. Price action is forming another lower swing low, suggesting a potential downtrend. The moving averages confirm the potential downside – they are bearish and steady.

Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.7185, 0.7215, 0.7270 and 0.7275. A bearish move may be rejected or reverse around any of the horizontal support levels at 0.7155, 0.7120, 0.7105 and 0.7090.

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 for the near future – possibly until 2024. The RBA are expecting an economic bounce back during 2022. Inflation pressures in Australia seem to be less than in other countries.

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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.

EURGBP

EURGBP 1 Hour Chart

Price is clearly down-trending – price action has formed a long series of lower swing lows and lower swing highs. The EURGBP is currently moving sideways though and is ranging between 0.8335-0.8370. The moving averages are bearish and widening, signalling that the downtrend could continue.

Shorting opportunities may exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 0.8370, 0.8420 and 0.8460. An attempt to move lower could find support around the shorter-term moving average and around the range support area.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They believe that the current spike in inflation is transitionary.

The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.

EURUSD

EURUSD 1 Hour Chart

EURUSD is choppy and has been moving sideways – price is indecisive. The moving averages confirm the market indecision – they have been crossing frequently. Price is down-trending on higher time-frames, signalling a potential bearish move.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1235, 1.1265, 1.1275, 1.1345, 1.1360 and 1.1385.

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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They believe that the current spike in inflation is transitionary.

GBPUSD

GBPUSD 1 Hour Chart

Price is clearly up-trending – GBPUSD has formed a long series of higher swing highs and higher swing lows. The moving averages are starting to tight, signalling that upside momentum could be weakening – the uptrend may becoming to an end. Price is up-trending on higher time-frames also.

Buying opportunities may exist around the trend support area and around any of the horizontal levels at 1.3445, 1.3435, 1.3410, 1.3380 and 1.3360. A bullish move could stall or reverse around the moving averages and around the horizontal resistance levels at 1.3545 and 1.3590.

The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.

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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.

USDCAD

USDCAD 1 Hour Chart

The USDCAD is currently bullish and is forming a higher swing high – suggesting a potential uptrend. The moving averages confirm the potential upside – they are becoming bullish.

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 1.2770, 1.2700, 1.2675 and 1.2630. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.2830, 1.2845, 1.2920 and 1.2960.

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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.

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. A rate increase is currently expected mid-2022. Inflation targets continue to be a priority and the BOC expect inflation to continue to be elevated during 2022.

USDCHF

USDCHF 1 Hour Chart

Price has been moving sideways and has been looking indecisive. Recent price action has been bullish though – the USDCHF has formed a short series of higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages are moving sideways, suggesting the indecision could continue.

Opportunities to go long may exist around the trend support area, around the dynamic support of the moving averages and around any of the horizontal levels at 0.9180, 0.9140, 0.9135 and 0.9110. A bullish move could find resistance around 0.9195, 0.9250 and 0.9265.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB will continue to keep ultra-loose monetary policy in order to provide support to the Swiss economy. The bank continues to intervene with Foreign Exchange markets with regard to temper the value of the Swiss Franc.

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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.

USDJPY

USDJPY 1 Hour Chart

USDJPY 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, suggesting that the uptrend may continue.

Buying opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 115.65, 115.00, 114.70 and 114.45. A bullish move may stall or reverse around the shorter-term moving average and around the recent highs at 116.30.

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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis.

XAUUSD

XAUUSD 1 Hour Chart

GOLD was up-trending but has recently been moving sideways. The moving averages confirm the current market indecision – they are moving sideways also. If price breaks the recent swing low at 1798, then GOLD could start down-trending.

Trading opportunities may exist around the moving averages, around the trend resistance area, and around any of the identified horizontal levels at 1786, 1790, 1798, 1826 and 1830.

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