TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 18, 2022
Previous analysis… https://analysis.tfxi.com/2022/01/17/triumphfx-intraday-forex-analysis-1-hour-charts-january-17-2022/
AUDUSD
As suggested in our last chart analysis, price reversed around the shorter-term moving average.
The AUDUSD has been bearish and has formed a lower swing high and a lower swing low, signalling a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish.
Selling opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.7195, 0.7225 and 0.7275. A bearish move may stall or reverse around 0.7155, 0.7150 and 0.7140.
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
Price has been moving sideways, as suggested in our last analysis.
The EURGBP continues to be indecisive and move within a horizontal channel at 0.8325-0.8365. The moving averages are tight and are moving sideways – confirming the market indecision.
Trading opportunities may exist around the support and resistance areas of the horizontal 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
As suggested in yesterday’s analysis, the EURUSD has found support around 1.1385.
Price has been bearish but continues to be above the recent consolidation area, suggesting a potential uptrend. The moving averages have crossed bearish though, signalling that the EURUSD may struggle to swing higher. Price is down-trending on higher time-frames.
Buying opportunities could exist around any of the horizontal levels at 1.1385, 1.1365, 1.1340 and 1.1325. A bullish move may be rejected or reverse around the moving averages and around the horizontal levels at 1.1430 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
The GBPUSD has been bearish.
Price is up-trending and is currently in a retrace move. The GBPUSD has swung below the trend support area, suggesting that upside momentum could be weakening – price could struggle to swing higher. The moving averages confirm this – they have crossed bearish and are widening.
Long opportunities may exist around any of the horizontal levels at 1.3595, 1.3535 and 1.3495. A bullish move could be rejected or reverse around the previous trend support area as resistance, around the bearish moving averages and around the horizontal levels at 1.3690 and 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
Price has been moving sideways.
USDCAD was showing signs of potential upside but price is now looking indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2460, 1.2565, 1.2620 and 1.2695.
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
As suggested in our previous analysis, price has reversed around the 38.2% Fib level.
USDCHF has formed a large bearish move and is currently in a retrace move. Price is below a number of key support levels, signalling a potential downtrend. The moving averages are going to cross bullish though, suggesting potential upside.
Shorting opportunities may exist around any of the key Fib levels and around the horizontal levels at 0.9180 and 0.9225. A bearish move could find support around the moving averages and around the recent lows 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 is finding resistance around the trend resistance area, as suggested in our previous chart analysis.
Price is down-trending and is currently in a retrace move. USDJPY is above the moving averages and the moving averages are about to cross bullish, suggesting that downside momentum is weakening – the downtrend may becoming to an end.
Opportunities to go short could exist around the trend resistance area and around the horizontal levels at 115.00, 115.10, 115.65 and 115.95. A bearish move may find support around the moving averages 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
As suggested in yesterday’s chart analysis, GOLD has been finding support around the horizontal channel support area.
Price is indecisive and is moving within a horizontal channel at 1814-1828. The moving averages confirm the current indecision – they are tight and moving sideways.
Trading opportunities may 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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