TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 02, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/01/triumphfx-intraday-forex-analysis-1-hour-charts-february-01-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD has failed to swing lower and has been bullish.

Price was down-trending but the current retrace move has swung above the trend resistance area and the moving averages, signalling that the downtrend could be over. The moving averages confirm this – they have crossed bullish.

Opportunities to go long may exist around the dynamic support of the moving averages, around the identified diagonal support area, around the previous trend resistance area and around the horizontal levels at 0.7125, 0.7100 and 0.6970. A bullish move could be rejected or reverse around any of the horizontal resistance levels at 0.7175, 0.7225 and 0.7270.

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.

US non-farm employment change figures will be released at 1315 UTC today.

EURGBP

EURGBP 1 Hour Chart

EURGBP has been moving sideways, as suggested in yesterday’s analysis.

Price is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around the horizontal levels at 0.8310, 0.8340, 0.8360 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

Price has been bullish.

EURUSD was down-trending but has recently been very bullish. The current retrace move has swung above key resistance areas and is almost at the previous swing high, suggesting that the downtrend could be over.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 1.1125, 1.1270, 1.1305, 1.1330, 1.1350, 1.1365 and 1.1425.

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.

US non-farm employment change figures will be released at 1315 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last analysis, price has been bullish and has swung higher.

GBPUSD was down-trending but is now looking bullish. Price has swung above the previous swing high and the moving averages have crossed bullish, signalling that the upside direction may continue. GBPUSD is also up-trending on higher time-frames.

Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.3520, 1.3490, 1.3445 and 1.3425. A bullish move may be rejected or reverse around 1.3570 and 1.3655.

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.

US non-farm employment change figures will be released at 1315 UTC today.

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been finding support around the trend support area, as suggested in our last chart analysis.

Price is up-trending and is currently in a retrace move. The moving averages have crossed bearish, suggesting that the USDCAD could struggle to swing higher.

Buying opportunities may exist around the trend support area and around the horizontal levels at 1.2660, 1.2565 and 1.2520. A bullish move could be rejected or reverse around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2715, 1.2760 and 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.

US non-farm employment change figures will be released at 1315 UTC today. The Governor of the BOC will speak at 2000 UTC.

USDCHF

USDCHF 1 Hour Chart

As suggested in our previous chart analysis, price is currently finding support around 0.9200.

The USDCHF is up-trending and is currently in a retrace move. The moving averages are bearish and widening, suggesting that price may struggle to swing higher.

Opportunities to go long could exist around the horizontal levels at 0.9200, 0.9175 and 0.9110. A bullish move may stall or reverse around the moving averages and around the horizontal levels at 0.9270 and 0.9295.

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.

US non-farm employment change figures will be released at 1315 UTC today.

USDJPY

USDJPY 1 Hour Chart

The USDJPY has been bearish, as suggested in our previous analysis.

Price action has formed a short series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm this – they have crossed bearish.

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 115.20 and 115.55. A bearish move could find support around 114.55, 114.10 and 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.

US non-farm employment change figures will be released at 1315 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s analysis, GOLD has reversed off the 38.2% Fib level.

Price is down-trending and is currently in a retrace phase. The moving averages are tight and moving sideways, signalling market indecision.

Shorting opportunities could exist around 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 moving averages and around the recent swing low at 1783.

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