TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 07, 2022
Previous analysis… https://analysis.tfxi.com/2022/02/04/triumphfx-intraday-forex-analysis-1-hour-charts-february-04-2022/
AUDUSD
As suggested in Friday’s analysis, price has been bearish.
The AUDUSD is currently in a retrace move after being bearish. Overall though, price continues to look indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways. The AUDUSD is down-trending on higher time-frames, suggesting a potential bearish move.
Selling opportunities could exist around the moving averages and around any of the horizontal levels at 0.7115, 0.7155, 0.7175 and 0.7225. A bearish move may stall or reverse around the horizontal support levels at 0.7055, 0.7035 and 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.
There is no major scheduled news today that will directly impact this currently pair.
EURGBP
Price has been bullish, as suggested in Friday’s chart analysis.
The EURGBP has formed a large bullish move and is currently in a retrace phase. The moving averages are bullish and widening, signalling that the upside momentum could continue. Price is indecisive on higher time-frames.
Buying opportunities may exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 0.8420, 0.8375 and 0.8360. A bullish move could be rejected or reverse around the recent highs at 0.8465.
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 previous chart analysis, the EURUSD is currently finding support around the shorter-term moving average.
Price is up-trending and is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend may continue.
Long opportunities could exist around the dynamic support of the moving averages, around any of the key Fib levels and around the horizontal levels at 1.1415, 1.1360, 1.1350 and 1.1330. A bullish move may find resistance around the recent highs at 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.
There is no major scheduled news today that will directly impact this currently pair.
GBPUSD
The GBPUSD has been moving sideways.
Price is indecisive. The GBPUSD was showing signs of a potential uptrend but is now lacking trend momentum. The moving averages are tightening and are moving sideways – confirming the market indecision. Price is up-trending on higher time-frames, signalling a potential bullish move.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.3370, 1.3425, 1.3545, 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.
There is no major scheduled news today that will directly impact this currently pair.
USDCAD
As suggested in our last analysis, price was bullish above the range resistance area and then found resistance around 1.2770.
USDCAD continues to be indecisive and lack trend momentum. Price was up-trending but is now ranging between 1.2655 and 1.2790. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.
Trading opportunities could exist around the moving averages and around the support and resistance areas of the range (break-out trade). A break to the downside may find support around 1.2565, 1.2520 and 1.2455.
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 currently pair.
USDCHF
Price has been bullish.
Despite the recent upside, USDCHF is still looking indecisive. The moving averages are tight and moving sideways – confirming the market indecision. Price is also indecisive on higher time-frames.
Trading opportunities may exist around the moving averages, around the diagonal support area ad around the horizontal levels at 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.
There is no major scheduled news today that will directly impact this currently pair.
USDJPY
As suggested in our last chart analysis, USDJPY has been moving sideways.
Price is indecisive and is lacking trend direction. The moving averages confirm the current indecision – they have been crossing frequently.
Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 114.10, 114.25, 114.80, 115.10, 115.35, 115.55 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.
There is no major scheduled news today that will directly impact this currently pair.
XAUUSD
GOLD has been moving sideways, as suggested in our previous chart analysis.
XAUUSD is slightly bullish but is looking choppy and indecisive. The moving averages confirm the market indecision – they are tight and are moving sideways.
Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1783, 1791, 1795, 1813, 1822, 1828 and 1831.
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