TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 11, 2022
Previous analysis… https://analysis.tfxi.com/2022/01/10/triumphfx-intraday-forex-analysis-1-hour-charts-january-10-2022/
AUDUSD
As suggested in our last chart analysis, price reversed around the longer-term moving average and the 50.0% Fib level.
AUDUSD was showing signs of a potential downtrend but is now looking indecisive – price action has been sideways. The moving averages are also moving sideways and are tightening – confirming the current indecision.
Trading opportunities may exist around any of the identified horizontal levels at 0.7125, 0.7140, 0.7150, 0.7195, 0.7215 and 0.7270.
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.
The Chair of the Federal Reserve will speak at 1500 UTC today.
EURGBP
Price has been finding support around the horizontal channel support area, as suggested in our last analysis.
EURGBP is indecisive and is moving within a horizontal channel at 0.8335-0.8370. The moving averages confirm the market indecision – they are also moving sideways and are tight. Price is also indecisive on higher time-frames and is nearing a key support level, suggesting a potential bullish move.
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 0.8420 and 0.8460. Trading opportunities could also exist around the diagonal resistance 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.
There is no major scheduled news today that will directly impact this currency pair.
EURUSD
As suggested in yesterday’s chart analysis, EURUSD reversed around the diagonal support area and has since been bullish.
Price continues to be choppy and indecisive but show signs of a potential uptrend – price action has formed a series of higher swing highs and higher swing lows and the moving averages are bullish and widening.
Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal support levels at 1.1285, 1.1270 and 1.1265. A bullish move could be rejected or reverse around 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.
The Chair of the Federal Reserve will speak at 1500 UTC today.
GBPUSD
GBPUSD has been bullish and is swinging higher, as suggested in yesterday’s analysis.
Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and widening, signalling that the upside direction may continue. GBPUSD is moving within a bullish channel.
Long opportunities could exist around the bullish moving averages, around the trend support area, around the bullish channel support area and around any of the horizontal levels at 1.3595, 1.3535, 1.3500, 1.3445, 1.3410 and 1.3380. A bullish move may stall or reverse around the bullish channel resistance area.
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.
The Chair of the Federal Reserve will speak at 1500 UTC today.
USDCAD
As suggested in our last analysis, price has reversed around 1.2700.
The USDCAD was showing signs of a potential downtrend but is now looking indecisive again. The moving averages are still bearish and widening though, suggesting that price could move lower. If the USDCAD closes below the horizontal support at 1.2620, price could attempt a bearish move lower.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.2620, 1.2675, 1.2695, 1.2770, 1.2805m 1.2830 and 1.2845.
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.
The Chair of the Federal Reserve will speak at 1500 UTC today.
USDCHF
Price has been bullish and has swung higher, as suggested in our last chart analysis.
The USDCHF is up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue.
Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 0.9250, 0.9225 and 0.9180.
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.
The Chair of the Federal Reserve will speak at 1500 UTC today.
USDJPY
As suggested in yesterday’s analysis, the USDJPY found support around 115.00.
Price has been bearish but is looking more indecisive than down-trending. The moving averages are bearish and widening though, suggesting that the USDJPY could swing lower. Price is up-trending on higher time-frames.
Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 114.30, 114.45, 114.70, 115.00, 115.65, 115.95, 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.
The Chair of the Federal Reserve will speak at 1500 UTC today.
XAUUSD
GOLD reversed around the longer-term moving average, as suggested in our previous chart analysis.
Price has since been bullish though and has swung above the moving average. GOLD is down-trending and is currently in a strong retrace move. The moving averages are tightening, suggesting that price may struggle to swing lower – the downtrend may becoming to an end.
Opportunities to go short could exist around the 61.8% Fib level, around the trend resistance area and around any of the horizontal resistance levels at 1818, 1826 and 1830. A bearish move may stall or reverse around the moving averages and around any of the horizontal levels at 1798, 1787 and 1785.
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