TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 21, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/20/triumphfx-intraday-forex-analysis-1-hour-charts-january-20-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s analysis, AUDUSD reversed around 0.7275.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. AUDUSD is also indecisive on higher time-frames.

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

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 was bearish and swung lower, as suggested in yesterday’s chart analysis.

Price has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. Price action has recently been bullish though and is suggesting market indecision – EURGBP may start moving sideways. The moving averages are starting to move sideways also – confirming the current indecision. Price may start ranging between 0.8305 and 0.8340.

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

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

EURUSD

EURUSD 1 Hour Chart

As suggested in our previous chart analysis, price reversed around the trend resistance area and has swung lower.

EURUSD is down-trending and has recently formed a swing lower. Price is now in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.1365, 1.1385 and 1.1425. A bearish move could find support around any of the horizontal support levels at 1.1305, 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

GBPUSD 1 Hour Chart

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

GBPUSD is currently indecisive and is ranging between 1.3570-1.3655. The moving averages confirm the indecision – they are tightening and are moving sideways. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the support and resistance areas of the range and if GBPUSD moves out of the range (break-out trade). A break to the downside may find support around 1.3535, 1.3495 and 1.3445. A break to the upside may find resistance around 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

As suggested in our last analysis, the USDCAD has reversed off the range support area.

Price is indecisive, just like other USD pairs. Price action has formed a horizontal channel at 1.2455-1.2565 and the USDCAD is moving within the channel. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. Price is up-trending on higher time-frames, signalling a potential bullish move.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCAD closes out of the channel (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.

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

USDCHF

USDCHF 1 Hour Chart

The USDCHF reversed around 0.9180 and has been moving sideways, as suggested in our last chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they are tightening and are moving sideways. The USDCHF is currently ranging between 0.9145 and 0.9180.

Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around 0.9125 and 0.9095. A break to the upside may find resistance around 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

As suggested in yesterday’s chart analysis, price has been bearish.

The USDJPY is down-trending and is currently nearing the most recent swing low at 113.55. The moving averages have crossed bearish, suggesting that the downside momentum could continue. Price is up-trending on higher time-frames, signalling a potential bullish move.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 114.20, 115.00 and 115.10. A bearish move could stall or reverse 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

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

GOLD is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move. The moving averages are bullish and widening, suggesting that the uptrend may continue.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support areas and around any of the horizontal levels at 1830, 1828, 1822 and 1810. A bullish move may be rejected or reverse around the recent highs at 1847.

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