TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 12, 2022
Previous analysis… https://analysis.tfxi.com/2022/01/11/triumphfx-intraday-forex-analysis-1-hour-charts-january-11-2022/
AUDUSD
The AUDUSD has been bullish.
Price was looking indecisive but has since been bullish. Price action has formed a potential bullish channel and the AUDUSD is currently finding resistance around the channel resistance area. The moving averages have crossed bullish but are still moving sideways, signalling market indecision.
Buying opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 0.7195, 0.7155, 0.7150 and 0.7140. A bullish move may be rejected or reverse around the channel resistance area and around the horizontal resistance levels at 0.7270 and 0.7275.
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 CPI figures will be released at 1330 UTC today.
EURGBP
As suggested in yesterday’s chart analysis, the EURGBP has been moving sideways.
Price broke below the horizontal channel support area but continues to look indecisive. Price action continues to form lower swing highs and lower swing lows but downside momentum seems to be weakening. The moving averages are bearish but tight, signalling that a retrace move could be due. The EURGBP is around key support on higher time-frames, suggesting a potential bullish move.
Selling opportunities may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.8350, 0.8370, 0.8420 and 0.8460.
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
Price has been bullish, as suggested in yesterday’s analysis.
The EURUSD has been indecisive but is currently up-trending. Price is trending within a bullish channel and is currently coming off the channel resistance area. The moving averages are bullish and steady, signalling that the uptrend may continue.
Long opportunities could exist around the bullish moving averages, around the channel support area and around any of the horizontal levels at 1.1350, 1.1340, 1.1325, 1.1285 and 1.1270. A bullish move may find resistance around the channel resistance area and around 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 CPI figures will be released at 1330 UTC today.
GBPUSD
As suggested in our last analysis, price has been bullish and has swung higher.
The GBPUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price could be currently entering a retrace move. The moving averages are bullish and and steady, suggesting that the uptrend could continue.
Opportunities to go long may exist around the bullish moving averages, around the trend support area and around any of the identified horizontal levels at 1.3595, 1.3535, 1.3495 and 1.3445.
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 CPI figures will be released at 1330 UTC today.
USDCAD
USDCAD closed below 1.2620 and has since been bearish, as suggesting in our last chart analysis.
Price is below the recent consolidation area, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and steady. USDCAD has formed a bearish channel.
Shorting opportunities could exist around the channel resistance area, around the bearish moving averages and around the horizontal levels at 1.2620, 1.2675, 1.2695, 1.2770 and 1.2805. A bearish move may find support around the bearish channel support area.
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 CPI figures will be released at 1330 UTC today.
USDCHF
As suggested in our previous analysis, USDCHF found reversed around the recent swing high at 0.9270.
Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. USDCHF is currently in a retrace move. The moving averages suggest that the uptrend could continue – they are bullish and steady.
Buying opportunities may exist around the longer-term moving average, around the trend support area and around the horizontal levels at 0.9225, 0.9180 and 0.9140. A bullish move could stall or reverse around the shorter-term moving average and around the horizontal levels at 0.9250 and 0.9270.
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 CPI figures will be released at 1330 UTC today.
USDJPY
Price reversed around the longer-term moving average and diagonal resistance area, as suggested in our previous chart analysis.
USDJPY has been bearish but is looking more indecisive than down-trending. The moving averages are bearish and steady though, suggesting that price may swing lower. USDJPY is up-trending on higher time-frames.
Trading opportunities could 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.
US CPI figures will be released at 1330 UTC today.
XAUUSD
As suggested in yesterday’s chart analysis, price has reversed around the diagonal resistance area.
GOLD was showing signs of a potential downtrend but is now looking indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.
Trading opportunities may exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 1798, 1823, 1826 and 1830.
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