TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 17, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/14/triumphfx-intraday-forex-analysis-1-hour-charts-january-14-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our previous analysis, AUDUSD has been finding support around 0.7195.

Price has been bearish. AUDUSD was showing signs of a potential uptrend but is now looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.7140, 0.7150, 0.7155, 0.7195 and 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.

There is no major scheduled news today that will directly impact this currency pair.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been moving sideways, as suggested in our previous chart analysis.

Price is indecisive and is lacking trend momentum. The moving averages are tight and moving sideways – confirming the current indecision. EURGBP is moving within a horizontal channel at 0.8325-0.8365.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the upside may stall or reverse around the horizontal resistance at 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

EURUSD 1 Hour Chart

As suggested in Friday’s chart analysis, price has been finding support around the longer-term moving average.

EURUSD is up-trending and is currently in a retrace move. The moving averages are starting to tighten, suggesting that upside momentum could be weakening – price could struggle to swing higher.

Opportunities to go long may exist around the longer-term moving average, around the support and resistance areas of the previous bullish channel and around any of the horizontal levels at 1.1385, 1.1365, 1.1340 and 1.1325. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal levels at 1.1450 and 1.1480.

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.

There is no major scheduled news today that will directly impact this currency pair.

GBPUSD

GBPUSD 1 Hour Chart

Price has been finding support around the longer-term moving average, as suggested in Friday’s analysis.

GBPUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently in a retrace move. The moving averages are tightening, suggesting that upside momentum may be weakening – GBPUSD may struggle to swing higher.

Long opportunities could exist around the longer-term moving average, around the trend support area and around the horizontal levels at 1.3595, 1.3535 and 1.3495. A bullish move may be rejected or reverse around the shorter-term moving average, around the diagonal resistance area and around the recent swing high at 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.

There is no major scheduled news today that will directly impact this currency pair.

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been bullish.

Price was down-trending within a bearish channel but has recently been bullish. The USDCAD has swung above the channel resistance area, signalling that the downtrend could becoming to an end. The moving averages confirm this – they are tightening and are moving sideways.

Opportunities to go short may exist around the longer-term moving average and around the horizontal levels at 1.2620 and 1.2695. A bearish move could be rejected or become bullish around the shorter-term moving average, around the diagonal support area, around the previous bearish channel resistance area (as support) and around the horizontal levels at 1.2520 and 1.2460.

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.

There is no major scheduled news today that will directly impact this currency pair.

USDCHF

USDCHF 1 Hour Chart

As suggested in our last analysis, the USDCHF continued to find support around 0.9095.

Price action formed a large bearish move and has since been in a retrace move. The moving averages are bearish and steady and price is below a number of key support levels, signalling a potential downtrend.

Shorting opportunities could exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 0.9150, 0.9180 and 0.9225. A bearish move may find support around the shorter-term moving average and around the recent swing low at 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.

There is no major scheduled news today that will directly impact this currency pair.

USDJPY

USDJPY 1 Hour Chart

Price has been bullish.

The USDJPY is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Selling opportunities may exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 114.70, 115.00, 115.10 and 115.65. A bearish move could find support around the shorter-term moving average and around the recent swing low at 113.55.

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.

There is no major scheduled news today that will directly impact this currency pair.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our last chart analysis, price has been moving sideways.

GOLD is indecisive and is lacking trend direction. Price action has formed a tight horizontal channel at 1814-1828 and price is moving within the channel. The moving averages confirm the market indecision – they are tightening and are moving sideways.

Trading opportunities could exist around the support and resistance areas of the channel and if GOLD moves out of the channel (break-out trade). A break to the upside may find resistance around 1830. A break to the downside may find support around 1798 and 1787.

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