TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 10, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/09/triumphfx-intraday-forex-analysis-1-hour-charts-february-09-2022/

AUDUSD

AUDUSD 1 Hour Chart

AUDUSD has been bullish.

Price action has formed a higher swing high, signalling a potential uptrend. The moving averages confirm the potential upside – they are bullish and widening. Price continues to be indecisive 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 the horizontal levels at 0.7155, 0.7055 and 0.7035. A strong bullish move could find resistance around 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 CPI figures will be released at 1330 UTC today. The Governor of the RBA will speak at 2230 UTC.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, EURGBP reversed around the horizontal level at 0.8415 and has since been bullish.

Price was showing signs of a potential uptrend but is currently looking indecisive. The moving averages confirm the market indecision – they have crossed bearish and are moving sideways. EURGBP is also indecisive on higher time-frames.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.8345, 0.8360, 0.8415, 0.8445 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.

The Governor of the BOE will speak at 0905 UTC today.

EURUSD

EURUSD 1 Hour Chart

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

EURUSD was up-trending but has become indecisive and is moving sideways. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is down-trending on higher time-frames, signalling a potential bearish move. EURUSD could start ranging between 1.1395 and 1.1445.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.1265, 1.1330, 1.1350, 1.1395, 1.1445, 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.

US CPI figures will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

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

GBPUSD is indecisive and is lacking trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Price is up-trending on higher time-frames, suggesting a potential bullish move.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.3425, 1.3495, 1.3585, 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.

The Governor of the BOE will speak at 0905 UTC today. US CPI figures will be released at 1330 UTC.

USDCAD

USDCAD 1 Hour Chart

The USDCAD has been moving sideways, as suggested in our last chart analysis.

Price is indecisive and is lacking trend direction. The moving averages are moving sideways and have been crossing frequently – confirming the market indecision. The USDCAD is ranging within two horizontal channels at 1.2655-1.2715 and 1.2655-1.2790.

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

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 CPI figures will be released at 1330 UTC today.

USDCHF

USDCHF 1 Hour Chart

As suggested in our last analysis, the USDCHF reversed around the horizontal channel support area.

Price is indecisive and is moving sideways within a tight horizontal channel (0.9225-0.9260). The moving averages are tightening and are moving sideways – confirming the current indecision. The USDCHF is also indecisive on higher time-frames.

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 0.9180. A break to the upside may find resistance around 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 CPI figures will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

Price has been finding support around the trend support area and is now finding resistance around 115.65, as suggested in our previous analysis.

The USDJPY is up-trending and has formed a clear trend support. Price is currently finding resistance around recent highs. The moving averages suggest that the uptrend could continue – they are bullish and steady. The USDJPY is also up-trending on higher time-frames.

Long opportunities may exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 115.35, 114.95, 114.80 and 114.25. Price could continue to find resistance and even reverse around the highs at 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 CPI figures will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in our previous chart analysis, price has been bullish and has swung higher.

GOLD is up-trending and is currently forming a swing higher. The moving averages are bullish and steady, signalling that the upside direction may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around any of the horizontal levels at 1831, 1817 and 1795. A bullish move may stall or reverse around the horizontal resistance levels at 1847 and 1852.

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