TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 13, 2022
Previous analysis… https://analysis.tfxi.com/2022/01/12/triumphfx-intraday-forex-analysis-1-hour-charts-january-12-2022/
AUDUSD
As suggested in our previous chart analysis, AUDUSD has been bullish.
Price action has formed a series of higher swing highs and higher swing lows – price is up-trending. The moving averages are bullish and widening and AUDUSD is breaking recent highs, all suggesting that the uptrend could continue.
Opportunities to go long may exist around the bullish moving averages, around the support and resistance areas of the previous bullish channel and around any of the horizontal levels at 0.7275, 0.7270 and 0.7195.
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.
A US PPI figure will be released at 1330 UTC today.
EURGBP
EURGBP has been bullish, as suggested in our previous analysis.
Price was down-trending but is currently looking indecisive. Price action has formed two horizontal channels at 0.8325-0.8355 and 0.8325 and 0.8370. The moving averages are tight and are moving sideways – confirming the current indecision. EURGBP is around a key support area on higher time-frames, signalling a potential bullish move.
Trading opportunities could exist around the support and resistance areas of the horizontal channels and if price moves out of the horizontal channels (break-out trade). A break to the upside may find resistance around 0.8420.
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 analysis, price has been bullish and has swung higher.
EURUSD is clearly up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue.
Long opportunities may exist around the dynamic support of the moving averages, around the support and resistance areas of the previous bullish channel and around the previous horizontal resistance levels at 1.1385, 1.1365 and 1.1340.
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.
A US PPI figure will be released at 1330 UTC today.
GBPUSD
Price has been bullish, as suggested in yesterday’s chart analysis.
GBPUSD has formed a long series of higher swing highs and higher swing lows – price is clearly up-trending. GBPUSD is currently climbing higher. The moving averages are bullish and widening, signalling that the uptrend may continue.
Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.3595 and 1.3535.
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.
A US PPI figure will be released at 1330 UTC today.
USDCAD
As suggested in our last chart analysis, the USDCAD has been bearish.
Price is down-trending within a bearish channel and is currently attempting a move lower. The moving averages suggest that the downside direction could continue – they are bearish and widening.
Opportunities to go short may exist around the bearish channel resistance area, around the bearish moving averages and around the horizontal levels at 1.2620, 1.2675 and 1.2695. A bearish move could stall or reverse 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.
A US PPI figure will be released at 1330 UTC today.
USDCHF
The USDCHF has been very bearish.
Price was up-trending but the USDCHF is forming a strong bearish move lower. Price is below a number of key support levels and the moving averages have crossed bearish, all suggesting that the USDCHF may start down-trending.
Shorting opportunities could exist around any of the key Fib levels, around the bearish moving averages and around the horizontal levels at 0.9180 and 0.9225. A bearish move may be rejected or reverse around the recent lows at 0.9110.
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.
A US PPI figure will be released at 1330 UTC today.
USDJPY
As suggested in our last analysis, price has swung lower.
The USDJPY is down-trending – price action has formed a series of lower swing highs and lower swing lows. The moving averages are bearish and steady, suggesting that the downtrend could continue. Price is up-trending on higher time-frames and is testing a higher time-frame support area, signalling a potential bullish move.
Selling opportunities may exist around the moving averages, around the trend resistance area and around any of the horizontal levels at 114.70, 115.00, 115.10, 115.65 and 115.95.
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.
A US PPI figure will be released at 1330 UTC today.
XAUUSD
Price has been bullish.
GOLD is indecisive. Price is consolidating between 1785 and 1830. The moving averages confirm the market indecision – they have been crossing frequently. If GOLD closes above 1830, price may attempt a bullish move higher.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1798, 1816, 1823 and 1830.
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