TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 14, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/13/triumphfx-intraday-forex-analysis-1-hour-charts-january-13-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price was been bullish and is now finding support around the shorter-term moving average.

The AUDUSD is up-trending and is currently in a retrace move. The moving averages are bullish and widening, suggesting that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the support and resistance areas of the bullish channel and around the horizontal levels at 0.7225 and 0.9195. A bullish move may be rejected or reverse around the recent swing high at 0.7310.

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 retail sales figures will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been moving sideways, as suggested in yesterday’s analysis.

The EURGBP is indecisive and is moving within a horizontal channel at 0.8325-0.8365. The moving averages confirm the current indecision – they are tight and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the channel and if price moves out of the channel (break-out trade).

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 1 Hour Chart

As suggested in our last analysis, the EURUSD has been bullish and has swung higher.

Price is clearly up-trending and is currently forming a swing higher. The moving averages are bullish and widening, signalling that the uptrend may continue. The EURUSD is testing key resistance on higher time-frames though, suggesting a potential bearish move.

Long opportunities could exist around the bullish moving averages, around any of the key Fib levels, around the support and resistance areas of the previous bullish channel and around the horizontal levels at 1.1385, 1.1365 and 1.1340.

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 retail sales figures will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has been bullish, as suggested in our last chart analysis.

Price is up-trending and is currently in a retrace move. The moving averages are bullish and widening, suggesting that the upside direction could continue. The GBPUSD is starting to look a little over-extended, signalling a potential bearish retrace move.

Opportunities to go long may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 1.3595 and 1.3535. A bullish move could stall or reverse around 1.3745.

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 retail sales figures will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our previous chart analysis, price has been bearish.

USDCAD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is moving within a bearish channel. The moving averages are bearish and steady, signalling that the downtrend may continue. USDCAD is testing a key support area on higher time-frames, suggesting a potential bullish move.

Selling opportunities could exist around the bearish moving averages, around the bearish channel resistance area and around the horizontal levels at 1.2620 and 1.2675. A bearish move may find support around 1.2460 and around the 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 retail sales figures will be released at 1330 UTC today.

USDCHF

USDCHF 1 Hour Chart

Price has been bearish and has swung lower, as suggested in our previous analysis.

USDCHF is forming a large bearish move and is below a number of key support levels, all suggesting a potential downtrend. The moving averages confirm this – they are bearish and widening. Price is currently finding support around 0.9095.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.9150 and 0.9180. USDCHF could continue to find support around 0.9095.

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 retail sales figures will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s analysis, USDJPY has been bearish and has swung lower.

Price is down-trending and is currently forming a lower swing low. The moving averages are bearish and widening, signalling that the downtrend may continue.

Opportunities to go short could exist around any of the key Fib levels, around the bearish moving averages and around the horizontal levels at 114.70 and 115.00.

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 retail sales figures will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been finding resistance around 1830, as suggested in yesterday’s chart analysis.

Price is indecisive and is lacking trend direction. GOLD is consolidating between 1787 and 1830. The moving averages confirm the market indecision – they have been crossing frequently. If GOLD closes above 1830, price could attempt a bullish move higher.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1798, 1814, 1828 and 1830.

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