TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 31, 2022


Previous analysis… https://analysis.tfxi.com/2022/01/28/triumphfx-intraday-forex-analysis-1-hour-charts-january-28-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, AUDUSD has been bearish and has swung lower.

Price is clearly down-trending and is currently in a retrace phase. The moving averages are bearish and widening, signalling that the downtrend could continue. AUDUSD is also down-trending on higher time-frames.

Opportunities to go short may exist around the longer-term moving average, around any of the key Fib levels, around the trend resistance areas and around the horizontal levels at 0.7100, 0.7125 and 0.7175. A bearish move could be rejected or reverse around the shorter-term moving average and around the recent swing low at 0.6970.

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.

The RBA will release a rate statement and announce the official cash rate at 0330 UTC.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been finding support around 0.8310, as suggested in Friday’s analysis.

Price is indecisive but is showing some signs of down-trending – price action has formed a short series of lower swing highs and lower swing lows. The moving averages are bearish and steady – confirming the potential downside. If EURGBP closes below 0.8310, price may attempt a bearish move lower.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8335, 0.8340, 0.8345, 0.8355 and 0.8375. A bearish move may stall or reverse around the recent lows at 0.8310.

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 last analysis, price has formed a swing lower.

EURUSD is down-trending and is currently in a retrace move. The moving averages suggest that the downtrend could continue – they are bearish and widening. Price is also down-trending on higher time-frames.

Selling opportunities may exist around any of the key Fib levels, around the longer-term moving average, around the trend resistance area and around the horizontal levels at 1.1270 and 1.1305. A bearish move could be rejected or reverse around the shorter-term moving average and around the recent swing low at 1.1125.

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 found support and reversed around 1.3370, as suggested in our last chart analysis.

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

Opportunities to go short could exist around the longer-term moving average, around the trend resistance area ad around the horizontal levels at 1.3445, 1.3490, 1.3520 and 1.3570. A bearish move may stall or reverse around the shorter-term moving average and around the horizontal levels at 1.3425 and 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.

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

USDCAD

USDCAD 1 Hour Chart

As suggested in our previous chart analysis, the USDCAD has been bullish and has formed a swing higher.

Price is clearly up-trending – price action has formed a clear series of higher swing highs and higher swing lows. The USDCAD is currently in a retrace move. The moving averages suggest that the upside direction could continue – they are bullish and widening.

Opportunities to go long may exist around the longer-term moving average, 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 could find resistance around the shorter-term moving average and around the recent swing high at 1.2790.

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 is being rejected at the shorter-term moving average, as suggested in our previous analysis.

Price is up-trending but is currently moving sideways. The moving averages are bullish and steady, signalling that the uptrend may continue. The USDCHF is currently ranging and has formed a horizontal channel at 0.9295 and 0.9325.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if price moves out of the channel (break-out trade). A break to the downside may find support around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 0.9270 and 0.9200.

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 our last analysis, price has been finding support around the shorter-term moving average.

The USDJPY is up-trending and is currently in a retrace move. Price is currently moving sideways and is ranging between 115.20-115.65. The moving averages are bullish and widening, signalling that the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 115.20, 114.95, 114.55 and 114.10. A bullish move could be rejected or reverse around 115.65 and 115.80.

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 bearish and has swung lower, as suggested in our last chart analysis.

GOLD has formed a large bearish move and is below key support levels, signalling a potential downtrend. The moving averages confirm this – they are bearish and widening.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around any of the key Fib levels and around the horizontal levels at 1810, 1822 and 1828. A bearish move may stall or reverse around the recent swing low at 1783.

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