TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 03, 2022


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

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our previous analysis, price is currently finding support around the shorter-term moving average and around the trend support area.

The AUDUSD has formed a large bullish move and some minor higher swing highs, signalling a potential uptrend. The moving averages confirm the possible upside – they are bullish and widening.

Buying opportunities could exist around the dynamic support of the moving averages, around the diagonal support area, around the previous trend resistance area and around the horizontal levels at 0.7100 and 0.6970. A bullish move may stall or reverse around the horizontal levels at 0.7155, 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.

A US services PMI figure will be released at 1500 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around 0.8340 and has been moving sideways, as suggested in our previous chart analysis.

The EURGBP is indecisive and is lacking trend direction. Price has been choppy and has been moving sideways. The moving averages are also moving sideways – confirming the market indecision.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.8310, 0.8320, 0.8345, 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.

The BOE will release a monetary policy report and announce the official interest rate at 1200 UTC today. This is followed by a press conference at 1230 UTC. The ECB will release the same at 1245 UTC, followed by a press conference at 1330 UTC.

EURUSD

EURUSD 1 Hour Chart

EURUSD reversed around 1.1330, as suggested in our last chart analysis.

Price action has formed a large bullish move and a higher swing high, signalling a potential uptrend. The moving averages confirm this – they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 1.1270 and 1.1125. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.1330, 1.1350, 1.1365 and 1.1430.

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.

The ECB will release a monetary policy statement and announce the official interest rate at 1245 UTC today. This is followed by a press conference at 1330 UTC. A US services PMI figure will be released at 1500 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in our last analysis, GBPUSD has been bullish.

Price has formed a large bullish move and has formed a higher swing high, signalling a potential uptrend. GBPUSD is currently in a retrace move. The moving averages are bullish and widening, suggesting that the potential uptrend could continue. Price is also up-trending on higher time-frames.

Opportunities to go long may exist around the dynamic support of the moving averages, around any of the key Fib levels and around any of the horizontal levels at 1.3520, 1.3490, 1.3545 and 1.3425. A bullish move could find resistance around the horizontal levels at 1.3585, 1.3655 and 1.3690.

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.

The BOE will release a monetary policy report and announce the official interest rate at 1200 UTC today. This is followed by a press conference at 1230 UTC. A US services PMI figure will be released at 1500 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has reversed around the horizontal level at 1.2660 and has been bullish, as suggested in yesterday’s analysis.

USDCAD is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move. The moving averages are bearish and steady, signalling that the USDCAD may struggle to swing higher.

Buying opportunities could exist around the previous diagonal resistance area (as support), around the shorter-term moving average and around the horizontal support levels at 1.2655 and 1.2565. A bullish move may stall or reverse around the longer-term moving average and around the horizontal resistance 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.

A US services PMI figure will be released at 1500 UTC.

USDCHF

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed off the horizontal level at 0.9175.

USDCHF is in a strong retrace move after forming a large bullish move. The moving averages are bearish and widening, suggesting that price could struggle to swing higher – the uptrend may becoming to an end. USDCHF is indecisive on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.9095, 0.9110, 0.9180, 0.9270, 0.9295 and 0.9340.

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 services PMI figure will be released at 1500 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been bullish.

Price is in a strong retrace move after forming a large bullish move. The moving averages are bearish and widening, suggesting that the downside direction may continue. USDJPY is up-trending on higher time-frames though, providing mixed signals of market direction.

Selling opportunities could exist around the dynamic resistance of the moving averages and around the horizontal levels at 115.20 and 115.55. An attempt to swing lower may find support around 114.55 and 114.25.

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 services PMI figure will be released at 1500 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our previous GOLD analysis, XAUUSD has reversed off the horizontal level at 1810.

Price action has formed a large bearish move and price is currently in a retrace move. The moving averages are moving sideways, suggesting market indecision – XAUUSD could fail to swing any lower.

Trading opportunities may exist around the moving averages, around any of the key Fib levels and around any of the horizontal levels at 1783, 1796, 1810, 1822, 1828 and 1831.

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