TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 26, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/25/triumphfx-intraday-forex-analysis-1-hour-charts-january-25-2022/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD is down-trending – price action has formed a short series of lower swing lows and lower swing highs. Price is currently in a retrace move. The moving averages are bearish and steady, suggesting that the downtrend may continue.

Selling opportunities could exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 0.7175 and 0.7225. A bearish move may stall or reverse around the shorter-term moving average and around the horizontal support levels at 0.7125 and 0.7100.

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.

A FOMC statement and rate announcement is scheduled for 1900 UTC today. This is followed by a press conference at 1930 UTC.

EURGBP

EURGBP 1 Hour Chart

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

The EURGBP formed a large bullish move and has since been in a retrace phase. The moving averages are bullish and steady, signalling that price could attempt another bullish move. The EURGBP is indecisive on higher time-frames.

Buying opportunities may exist around the longer-term moving average and around the horizontal levels at 0.8355, 0.8340 and 0.8310. A bullish move could be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 0.8375 and 0.8420.

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 been bearish and has reversed around the diagonal support area, as suggested in our last analysis.

Price is clearly down-trending – price action has formed a long series of lower swing highs and lower swing lows. The moving averages are bearish and widening, suggesting that the downside direction may continue.

Shorting opportunities could exist around the dynamic resistance of the moving averages and around any of the horizontal resistance levels at 1.1330, 1.1350, 1.1365 and 1.1425. A bearish move may find support around the recent swing low at 1.1270 and around the diagonal support area.

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.

A FOMC statement and rate announcement is scheduled for 1900 UTC today. This is followed by a press conference at 1930 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s analysis, the GBPUSD reversed around the recent lows at 1.3445.

Price is down-trending and is currently in a retrace move. The moving averages are bearish and widening, signalling that the downtrend could continue. The GBPUSD is up-trending on higher time-frames, suggesting a potential bullish move.

Opportunities to go short may exist around the longer-term moving average, around the trend resistance area and around the horizontal levels at 1.3540, 1.3570 and 1.3655. A bearish move could find support around the shorter-term moving average and around the horizontal levels at 1.3490 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.

A FOMC statement and rate announcement is scheduled for 1900 UTC today. This is followed by a press conference at 1930 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has been bearish.

USDCAD formed a large bullish move and has since been in a retrace phase. The moving averages are bullish and widening, signalling that the price may attempt a bullish move higher.

Long opportunities could exist around the longer-term moving average, around the 50.0% and 61.8% Fib levels and around the horizontal levels at 1.2565 and 1.2520. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 1.2660 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.

The BOC will release a monetary policy report and announce the official bank rate at 1500 UTC today. This is followed by a press conference at 1600 UTC. A FOMC statement and rate announcement is scheduled for 1900 UTC. Followed by a press conference at 1930 UTC.

USDCHF

USDCHF 1 Hour Chart

Price has been bullish.

USDCHF has swung above the recent consolidation area and has formed a higher swing high, all suggesting a potential uptrend. The moving averages confirm the potential upside – they have crossed bullish.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 0.9180, 0.9140 and 0.9110. A bullish move could stall or reverse around 0.9200, 0.9225 and 0.9270.

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.

A FOMC statement and rate announcement is scheduled for 1900 UTC today. This is followed by a press conference at 1930 UTC.

USDJPY

USDJPY 1 Hour Chart

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

Price action has formed a large downtrend. Price is currently in a retrace move and is looking indecisive. The moving averages confirm the market indecision – they are tightening and are moving sideways. If USDJPY moves below the recent lows at 113.55, price may attempt a bearish move lower.

Trading opportunities could exist around the diagonal resistance area and around any of the identified horizontal levels at 113.55, 114.10, 114.55, 115.00, 115.10 and 115.65.

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.

A FOMC statement and rate announcement is scheduled for 1900 UTC today. This is followed by a press conference at 1930 UTC.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bullish and has swung higher, as suggested in our previous analysis.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. XAUUSD is currently in a retrace move after forming a swing higher. The moving averages are bullish and steady, signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1843, 1831, 1828, 1822 and 1810. A bullish move could find resistance around 1847 and 1852.

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