TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 07, 2022
Previous analysis… https://analysis.tfxi.com/2022/01/06/triumphfx-intraday-forex-analysis-1-hour-charts-january-06-2022/
AUDUSD
Price has been moving sideways.
AUDUSD is down-trending but is currently looking indecisive and moving sideways. The moving averages are bearish and widening, suggesting that the downtrend could continue.
Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.7185, 0.7215, 0.7270 and 0.7275. A bearish move could be rejected or reverse around the horizontal levels at 0.7150, 0.7125, 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
EURGBP
As suggested in yesterday’s chart analysis, price reversed around 0.8370 and has since been bearish.
EURGBP is down-trending and is currently in a retrace phase. Price action has formed a horizontal channel at 0.8335-0.8370 and price has been moving within the channel. The moving averages suggest that the downtrend may continue – they are bearish and steady.
Trading opportunities could exist around the support and resistance areas of the horizontal channel and if EURGBP moves out of the channel (break-out trade). A break to the upside may find resistance around the trend resistance area and around the horizontal levels at 0.8420, 0.8460 and 0.8480.
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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
EURUSD has been moving sideways, as suggested in yesterday’s chart analysis.
Price continues to be indecisive and lack trend direction. EURUSD is looking very choppy. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.1235, 1.1265, 1.1270, 1.1285, 1.1320, 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
GBPUSD
As suggested in our last analysis, GBPUSD reversed around the trend support area and has since been bullish.
Price is up-trending and is currently in a retrace move. The moving averages are moving sideways, signalling that upside momentum may be weakening – the uptrend could becoming to an end.
Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal support levels at 1.3495, 1.3445, 1.3410 and 1.3380. A bullish move may stall or reverse around 1.3550 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
USDCAD
Price has been bearish.
The USDCAD was showing signs of a potential uptrend but is now looking indecisive. The moving averages confirm the current indecision – they are moving sideways. The higher swing highs and higher swing lows continue to form, suggesting that price could still uptrend.
Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.2630, 1.2675, 1.2700, 1.2770, 1.2805, 1.2830, 1.2845 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.
USDCHF
As suggested in our last chart analysis, price has been bullish.
The USDCHF is up-trending and is currently forming a higher swing high. The moving averages are bullish and steady, signalling that the upside direction may continue.
Buying opportunities could exist around the bullish moving averages, around the trend support area and around any of the horizontal levels at 0.9195, 0.9180, 0.9140 and 0.9135. A bullish move may find resistance around 0.9250.
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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
USDJPY
The USDJPY found support around 115.65, as suggested in yesterday’s analysis.
Price is up-trending and is currently in a retrace phase. Recent price action has been moving sideways. The moving averages confirm the current market indecision – they are tightening and are moving sideways.
Trading opportunities may exist around the trend support area, around the moving averages and around any of the horizontal levels at 114.70, 115.00, 115.65, 116.15 and 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
XAUUSD
As suggested in yesterday’s chart analysis, GOLD closed below 1798 and has since been bearish.
Price action has formed a short series of lower swing highs and lower swing lows, suggesting a potential downtrend. The moving averages confirm the potential downside direction – they are bearish and steady. GOLD is indecisive on higher time-frames.
Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1790, 1798, 1826 and 1830. A bearish move may be rejected or reverse around the horizontal support levels at 1786 and 1763.
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