TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 24, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/21/triumphfx-intraday-forex-analysis-1-hour-charts-january-21-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, price has been finding support around 0.7155.

The AUDUSD has been bearish but is still looking indecisive. The moving averages confirm the market indecision – they have been crossing frequently and have been moving sideways. Price is also indecisive on higher time-frames, providing no indication of future price direction.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7140, 0.7150, 0.7155, 0.7175, 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.

Australian CPI figures will be released at 0030 UTC.

EURGBP

EURGBP 1 Hour Chart

Price has been bullish and has reversed around 0.8375, as suggested in our last analysis.

The EURGBP is indecisive and is lacking trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Price is also indecisive on higher time-frames but is testing a key support area.

Trading opportunities may exist around any of the identified horizontal levels at 0.8305, 0.8340, 0.8365, 0.8375 and 0.8395.

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.

German PMI figures will be released at 0830 UTC today.

EURUSD

EURUSD 1 Hour Chart

As suggested in our previous analysis, the EURUSD reversed around the longer-term moving average.

Price is down-trending and is currently attempting a move toward the previous swing low. The moving averages suggest that the downtrend may continue – they are bearish and steady. The EURUSD is above the recent trend resistance area, signalling that price may struggle to swing lower.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 1.1350 and 1.1365. A bearish move may be rejected or reverse around the previous trend resistance area (as support) and around 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.

German PMI figures will be released at 0830 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD is currently finding support around 1.3535, as suggested in our previous chart analysis.

Price action has formed a lower swing high and lower swing low, signalling a potential downtrend. The GBPUSD has formed a potential bearish channel and the moving averages are bearish and steady, all suggesting that the downside direction could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 1.3570, 1.3655 and 1.3690. A bearish move could stall or reverse around the channel support area and around the horizontal support levels at 1.3535, 1.3495 and 1.3445.

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 has been bullish.

USDCAD has swung above the recent consolidation area, signalling a potential uptrend. The moving averages confirm this – they have crossed bullish. Price is up-trending on higher time-frames.

Buying opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.2565, 1.2520 and 1.2455. A bullish move 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 yesterday’s analysis, price closed below the range support area and has since been bearish.

USDCHF is below the recent consolidation area and is currently forming a lower swing high, all signalling a potential downtrend. The moving averages confirm the potential downside – they have crossed bearish.

Opportunities to go short may exist around the dynamic resistance of the moving averages and around the horizontal levels at 0.9140, 0.9180 and 0.9225. A bearish move could find support around 0.9110 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

USDJPY 1 Hour Chart

USDJPY has been bearish and is currently finding support around 113.55, as suggested in yesterday’s chart analysis.

Price is down-trending and is currently testing recent lows. The moving averages are bearish and widening, signalling that the downtrend may continue. USDJPY is up-trending on higher time-frames, suggesting that price may become bullish.

Selling opportunities could 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.

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 previous chart analysis, XAUUSD found support around 1830 and has since been bullish.

Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend could continue. GOLD is also up-trending on higher time-frames.

Long 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, 1810 and 1798. A bullish move could be rejected or reverse around the recent swing high at 1847.

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