TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 19, 2022
Previous analysis… https://analysis.tfxi.com/2022/01/18/triumphfx-intraday-forex-analysis-1-hour-charts-january-18-2022/
AUDUSD
As suggested in yesterday’s analysis, AUDUSD has been bearish.
Price is down-trending and is currently in a retrace move. The moving averages are bearish and steady, signalling that the downtrend could continue.
Opportunities to go short may 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 could find support 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
EURGBP has been moving sideways, as suggested in yesterday’s chart analysis.
Price is indecisive and is lacking trend momentum. EURGBP recently broke a horizontal channel but continues to be indecisive. The moving averages confirm the market indecision – they are tight and moving sideways. If price closes below 0.8325, EURGBP may attempt a bearish move lower.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.8325, 0.8340, 0.8360, 0.8365 and 0.8375.
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.
The Governor of the Bank of England will speak at 1415 UK time today.
EURUSD
Price has been bearish.
EURUSD has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages are bearish and widening – confirming the potential downside. Price is around key support levels, suggesting that EURUSD could become bullish.
Shorting opportunities may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 1.1365, 1.1385 and 1.1425. A bearish move could be rejected or reverse around 1.1315, 1.1285 and 1.1275.
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
As suggested in our previous chart analysis, price has struggled to swing higher and has been bearish.
GBPUSD was up-trending but is now looking indecisive. The moving averages are bearish and steady, suggesting that the recent downside momentum may continue. Price continues to uptrend on higher time-frames, signalling a potential bullish move.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.3495, 1.3535, 1.3570, 1.3655, 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.
The Governor of the Bank of England will speak at 1415 UK time today.
USDCAD
The USDCAD reversed around 1.2565 and has been moving sideways, as suggested in our previous analysis.
Price is indecisive and is ranging between 1.2460 and 1.2565. The moving averages confirm the market indecision – they are tight and crossing frequently.
Trading opportunities may exist around the support and resistance areas of the range and if the USDCAD moves out of the range (break-out trade). A break to the upside could find resistance around 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.
A Canadian CPI figure will be released at 1330 UTC today.
USDCHF
As suggested in our last analysis, the USDCHF has been bearish.
Price has formed a large bearish move and is currently in a retrace move. The USDCHF is below a number of key support levels, signalling a potential downtrend. The moving averages are going to cross bullish though, suggesting potential upside.
Selling opportunities could exist around any of the key Fib levels and around the horizontal levels at 0.9175, 0.9180 and 0.9225. A bearish move may find support around the moving averages and around the horizontal support levels at 0.9125 and 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
Price has been bearish off the trend resistance area, as suggested in our last chart analysis.
The USDJPY is down-trending and is currently in a retrace phase. The retrace move has been large and has swung above the moving averages, suggesting that downside momentum is weakening – the downtrend could becoming to an end. The moving averages confirm this – they are moving sideways.
Opportunities to go short may exist around the shorter-term moving average, around the trend resistance area and around the horizontal levels at 115.00, 115.10, 115.65 and 115.95. A bearish move could find support around the longer-term moving average and around the recent lows 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 has been bearish.
GOLD has broken below the recent range support area, signalling the start of potential downside. The moving averages are bearish and steady – confirming this.
Shorting opportunities could exist around the diagonal resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 1822, 1828 and 1830. A bearish move may stall or reverse around any of the horizontal levels at 1810, 1798 and 1787.
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