TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 20, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/19/triumphfx-intraday-forex-analysis-1-hour-charts-january-19-2022/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD is indecisive – price action has been given false bullish and bearish signals. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.7140, 0.7150, 0.7155, 0.7175, 0.7195, 0.7225, 0.7275 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

As suggested in our last analysis, price reversed around 0.8340.

The EURGBP is below the recent consolidation area and has formed a lower swing low, suggesting a potential downtrend. The moving averages confirm the potential downside – they are bearish and widening. Price is around a key support area on higher time-frames, signalling a potential bullish move or a strong move lower.

Selling opportunities may exist around the dynamic resistance of the moving averages and around any of the horizontal levels at 0.8340, 0.8360, 0.8365, 0.8375 and 0.8395. A bearish move could stall or reverse around the recent lows at 0.8315.

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

The EURUSD has reversed off 1.1365, as suggested in our last chart analysis.

Price action has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and steady.

Shorting opportunities could exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 1.1365, 1.1385 and 1.1425. A bearish move may stall or reverse around the shorter-term moving average and around the horizontal support levels at 1.1315, 1.1285 and 1.1270.

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

As suggested in yesterday’s chart analysis, the GBPUSD has been moving sideways.

Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the moving averages and around any of the 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.

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

USDCAD

USDCAD 1 Hour Chart

Price found support around the range support area, as suggested in yesterday’s chart analysis.

USDCAD is indecisive and is lacking trend momentum. Price is ranging between 1.2460 and 1.2565. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.

Trading opportunities could exist around the support and resistance areas of the range and if USDCAD moves out of the range (break-out trade). A break to the upside may 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.

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

USDCHF

USDCHF 1 Hour Chart

As suggested in our previous chart analysis, price has been bearish and has been finding support around the longer-term moving average.

USDCHF was showing signs of a potential downtrend but is now looking indecisive. The moving averages confirm the market indecision – they are tight and moving sideways. Price is also indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.9095, 0.9125, 0.9175, 0.9180 and 0.9225.

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

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

Price 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 could 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, around 114.20 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 1 Hour Chart

GOLD has been bullish.

Price is forming a large bullish move above the recent consolidation, signalling a potential uptrend. The moving averages have crossed bullish – confirming the the potential trend.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1830, 1828, 1822 and 1810.

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