TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 08, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/07/triumphfx-intraday-forex-analysis-1-hour-charts-february-07-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our last chart analysis, AUDUSD has been moving sideways.

Price is indecisive and is lacking trend momentum. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. AUDUSD is down-trending on higher time-frames.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.6970, 0.7035, 0.7055, 0.7155 and 0.7175.

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

EURGBP 1 Hour Chart

EURGBP is currently finding support around the 23.6% Fib level, as suggested in our last analysis.

Price action has formed a large bullish move and is currently in a retrace phase. The moving averages are bullish and widening, signalling that the upside direction may continue – price may attempt to swing higher. EURGBP is indecisive on higher time-frames.

Opportunities to go long could exist around any of the key Fib levels, around the longer-term moving average and around the horizontal levels at 0.8420, 0.8375 and 0.8360. A bullish move may find resistance around the shorter-term moving average and around the recent swing high at 0.8475.

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

EURUSD 1 Hour Chart

As suggested in our previous analysis, price found support around 1.1415.

EURUSD is 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 bullish and steady, suggesting that the uptrend could continue.

Long opportunities may exist around the longer-term moving average, around any of the key Fib levels and around the horizontal levels at 1.1360, 1.1350, 1.1330 and 1.1265. A bullish move could find resistance around the shorter-term moving average, around the diagonal resistance area and around the horizontal levels at 1.1415 and 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

GBPUSD 1 Hour Chart

Price has been moving sideways, as suggested in our previous chart analysis.

GBPUSD is lacking trend direction and is indecisive. The moving averages signal a potential bearish move – they have crossed bearish.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.3370, 1.3425, 1.3495, 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

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, the USDCAD reversed around the range support area.

Price is indecisive. The USDCAD has formed a horizontal channel at 1.2655-1.2790 and price is moving within the channel. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the USDCAD moves out of the channel (break-out trade). A break to the downside could find support around 1.2565 and around 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.

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

USDCHF

USDCHF 1 Hour Chart

The USDCHF has reversed around 0.9230, as suggested in yesterday’s analysis.

Price was looking indecisive but is now looking bullish – price action has formed a bullish channel and a short series of higher swing highs and higher swing lows. The moving averages confirm the potential upside – they are bullish and widening.

Buying opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 0.9230 and 0.9180. A bullish move may stall or reverse around the channel resistance area and around the horizontal levels at 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

USDJPY 1 Hour Chart

Price has been bullish.

The USDJPY has formed a bullish channel and a series of higher swing highs and higher swing lows – USDJPY is potentially up-trending. The moving averages suggest that the uptrend could continue – they are bullish and widening. Price is also up-trending on higher time-frames.

Opportunities to go long may exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 115.35, 114.95, 114.80 and 114.25. A bullish move could be rejected or reverse around the channel resistance area and around the horizontal resistance levels at 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

XAUUSD 1 Hour Chart

As suggested in our last analysis, price has reversed around 1822.

GOLD has been bullish and has formed a higher swing high. The moving averages suggest that the upside may continue – they are bullish and steady.

Long opportunities could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 1813, 1795, 1791 and 1783. A bullish move may be rejected or reverse around 1822, 1831 and 1852.

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