TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 09, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/08/triumphfx-intraday-forex-analysis-1-hour-charts-february-08-2022/

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD continues to look indecisive, despite the recent bullish move. The moving averages have been crossing frequently and are moving sideways, confirming the market indecision. Price is also looking indecisive on higher time-frames.

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

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

EURGBP

EURGBP 1 Hour Chart

As suggested in our previous analysis, price has been finding support around 0.8420.

The EURGBP continues to retrace the recent bullish move. Price is above key resistance levels, suggesting that the upside direction could continue – the EURGBP could attempt to swing higher. The moving averages are tightening and moving sideways though, suggesting market indecision.

Buying opportunities may exist around any of the key Fib levels and around any of the horizontal levels at 0.8360 and 0.8345. A bullish move could stall or reverse around the moving averages and around any of the horizontal levels at 0.8440 and 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

The EURUSD found support around the longer-term moving average, as suggested in our previous chart analysis.

Price is up-trending – price action has formed a series of higher swing highs and higher swing lows. The EURUSD is currently in a retrace move and has formed a tight bearish channel. The moving averages are tightening and are moving sideways, suggesting market indecision.

Trading opportunities could exist around the moving averages, around the bearish channel resistance area and around any of the horizontal levels at 1.1265, 1.1330, 1.1350, 1.1360, 1.1400, 1.1465 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

As suggested in yesterday’s chart analysis, price has been moving sideways.

The GBPUSD is indecisive and is lacking trend direction. The moving averages confirm the market indecision – they are tight and are moving sideways. 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 1.3425, 1.3495, 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

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

Price is indecisive and is lacking trend direction. Price action has formed a horizontal channel at 1.2655-1.2790 and USDCAD is moving within the channel. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision.

Trading opportunities could 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 downside may 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.

The Governor of the BOC will speak at 1700 UTC today.

USDCHF

USDCHF 1 Hour Chart

USDCHF has been moving sideways.

Price was showing signs of a potential uptrend but is now looking indecisive again. USDCHF has formed a tight horizontal channel at 0.9225-0.9260 and price is ranging within the channel. The moving averages confirm the indecision – they are tightening and are moving sideways.

Trading opportunities may exist around the support and resistance areas of the range and if USDCHF moves out of the range (break-out trade). A break to the upside could find resistance around 0.9295 and 0.9340. A break to the downside could find support around 0.9180.

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

As suggested in our last analysis, price reversed around 115.65 and has since been finding support around the bullish channel support area.

USDJPY is up-trending within a bullish channel. Price is currently in a retrace move. The moving averages are bullish and steady, signalling that the uptrend may continue. USDJPY is also up-trending on higher time-frames.

Long opportunities could exist around the bullish channel support area, around the dynamic support of the moving averages and around the horizontal levels at 114.95 and 114.80. A bullish move may be rejected or reverse around the horizontal resistance levels at 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.

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

XAUUSD

XAUUSD 1 Hour Chart

Price has been bullish and has swung higher, as suggested in our last chart analysis.

XAUUSD has formed a series of higher swing highs and higher swing lows – GOLD is up-trending. The moving averages are bullish and widening, signalling that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1813, 1795 and 1791. A bullish move could find resistance around 1831 and 1852.

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