TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 04, 2022
Previous analysis… https://analysis.tfxi.com/2022/02/03/triumphfx-intraday-forex-analysis-1-hour-charts-february-03-2022/
AUDUSD
As suggested in yesterday’s chart analysis, AUDUSD was bullish off the diagonal support area and then reversed around 0.7155.
Price was showing signs of a potential uptrend but is currently moving sideways and looking indecisive. The moving averages confirm the current indecision – they are tightening and are also moving sideways. AUDUSD is down-trending on higher time-frames, signalling a potential bearish move.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 0.6970, 0.7100, 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
EURGBP
EURGBP reversed around 0.8310, as suggested in yesterday’s analysis.
Price has been very bullish. EURGBP has swung above the consolidation area and is forming a large bullish move, all signalling that price may start up-trending. The moving averages confirm the potential upside – they are bullish and widening.
Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 0.8420, 0.8375, 0.8360 and 0.8345.
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 currently pair.
EURUSD
As suggested in our last analysis, price was rejected at 1.1270 and has swung higher.
EURUSD is up-trending and is currently forming a higher swing high. The moving averages are bullish and steady, suggesting that the upside direction could continue. Price is starting to look indecisive on higher time-frames.
Long opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around any of the identified horizontal levels at 1.1425, 1.1365, 1.1350 and 1.1330. A bullish move could find resistance around 1.1480.
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, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
GBPUSD
Price reversed around the shorter-term moving average and has swung higher, as suggested in our last chart analysis.
GBPUSD is up-trending – price action has formed a short series of higher swing highs and higher swing lows. The moving averages are bullish and steady, signalling that the uptrend may continue. Price is also up-trending on higher time-frames, adding confidence that the upside direction may continue.
Buying opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 1.3545, 1.3520 and 1.3425. A bullish move may stall or reverse around the horizontal resistance levels at 1.3610 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, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
USDCAD
The USDCAD has been moving sideways.
Price action has formed an uptrend – a series of higher swing highs and higher swing lows. Price is currently indecisive though and has been moving sideways. The moving averages are also moving sideways – confirming the market indecision. USDCAD has formed a horizontal channel at 1.2655-1.2715.
Trading opportunities may 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 upside could find resistance around 1.2760 and 1.2790. A break to the downside could find support around 1.2565 and 1.2520.
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, average hourly earnings and unemployment rate figures will be released at 1330 UTC today. Canadian employment change and unemployment rate figures will be released at the same time.
USDCHF
As suggested in our previous chart analysis, the USDCHF has been moving sideways.
Price is indecisive and has been moving sideways. The moving averages confirm the market indecision – they are tightening and are moving sideways. The USDCHF may start ranging between 0.9180 and 0.9230.
Trading opportunities could exist around any of the horizontal levels at 0.9095, 0.9110, 0.9180, 0.9230, 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
USDJPY
Price has been bullish.
The USDJPY has become indecisive, just like other USD pairs. The moving averages are tightening and are moving sideways – confirming the market indecision. Price is up-trending on higher time-frames, suggesting a potential bullish move.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 113.55, 114.25, 115.20, 115.60 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.
US non-farm employment change, average hourly earnings and unemployment rate figures will be released at 1330 UTC today.
XAUUSD
As suggested in our last analysis, price has been moving sideways.
GOLD is indecisive and is currently ranging between 1791 and 1810. The moving averages are bullish and steady, signalling that XAUUSD may attempt a move higher.
Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1783, 1791, 1810, 1822, 1828, 1831 and 1843.
Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/
Hits: 5