TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 28, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/27/triumphfx-intraday-forex-analysis-1-hour-charts-january-27-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our previous analysis, price has been bearish and is currently finding support around the bearish channel support area.

The AUDUSD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is moving within a bearish channel. The moving averages are bearish and widening, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the bearish channel resistance area and around the horizontal levels at 0.7100 and 0.7125. A bearish move may find support around the channel support area.

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 US PCE price index figure will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price has been bearish.

The EURGBP has formed a bearish move but overall is still looking indecisive. The moving averages have been crossing frequently – confirming the market indecision. Price is nearing a key support level on higher time-frames, suggesting a potential break lower.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.8310, 0.8340, 0.8345 and 0.8375. If price closes below 0.8310, the EURGBP could attempt a bearish move lower.

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 yesterday’s chart analysis, the EURUSD has been bearish.

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

Shorting opportunities could exist around any of the key Fib levels, around the bearish moving averages, around the trend resistance area and around the horizontal levels at 1.1270, 1.1305, 1.1330 and 1.1350.

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 US PCE price index figure will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has formed a swing lower, as suggested in yesterday’s analysis.

Price action has formed a series of clear lower swing lows and lower swing highs – price is down-trending. The moving averages suggest that the downtrend could continue – they are are bearish and steady. The GBPUSD is up-trending on higher time-frames and could be due an upside move, signalling a potential bullish move.

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 1.3445, 1.3490, 1.3520, 1.3540 and 1.3570. A bearish move could be rejected or reverse around the recent lows at 1.3370.

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 US PCE price index figure will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in our last analysis, price reversed around 1.2660 and has since been bullish.

USDCAD is up-trending. Price action is currently forming a swing higher. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels, around the trend support area and around the horizontal levels at 1.2695, 1.2660 and 1.2565. A bullish move may be rejected or reverse around the recent highs at 1.2745.

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 US PCE price index figure will be released at 1330 UTC today.

USDCHF

USDJPY 1 Hour Chart

Price has been bullish and has swung higher, as suggested in our last chart analysis.

USDCHF has formed a large bullish move. Price is currently in a retrace move. The moving averages are bullish and widening, signalling that the uptrend could continue.

Long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages and around any of the horizontal levels at 0.9270, 0.9225 and 0.9200. An attempt to swing higher could be rejected or reverse around the recent highs at 0.9315.

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 US PCE price index figure will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s analysis, USDJPY has been bullish.

Price action is forming a large bullish move and a higher swing high, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening. USDJPY is also up-trending on higher time-frames.

Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 115.10, 115.00, 114.55 and 114.10. A bullish move may stall or reverse around the horizontal resistance levels at 115.60 and 115.95.

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 US PCE price index figure will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD has been bearish, as suggested in yesterday’s chart analysis.

XAUUSD has formed a large bearish move and is currently in a retrace phase. Price is below a number of support levels, signalling that GOLD could start down-trending. The moving averages are bearish and widening – confirming the potential downtrend.

Selling opportunities may exist around any of the key Fib levels, around the dynamic resistance of the moving averages and around any of the horizontal levels at 1810, 1822, 1828 and 1831. A bearish move could be rejected or reverse around the horizontal support at 1787.

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