TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 11, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/10/triumphfx-intraday-forex-analysis-1-hour-charts-february-10-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in our previous chart analysis, price reversed around the shorter-term moving average and swung higher.

The AUDUSD has since been bearish though and is in a strong retrace move. Price was up-trending but the current retrace move has swung below the moving averages and below key support levels, suggesting that the trend may be over. The moving averages confirm this, as they are signalling market indecision – they are moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 0.7035, 0.7055, 0.7155 and 0.7245.

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 currency pair.

EURGBP

EURGBP 1 Hour Chart

Price reversed around 0.8445 and 0.8410, as suggested in our previous analysis.

The EURGBP was indecisive but is currently forming a lower swing low, signalling downside. The moving averages confirm this – they are bearish and steady. Price continues to be indecisive on higher time-frames.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8410, 0.8445 and 0.8475. A bearish move could be rejected or reverse around the horizontal levels at 0.8360, 0.8345 and 0.8310.

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 currency pair.

EURUSD

EURUSD 1 Hour Chart

As suggested in our last analysis, the EURUSD has been indecisive.

Price has formed a bearish move but overall is looking choppy and indecisive. The moving averages confirm the current indecision – they are very tight and have been crossing frequently.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1265, 1.1330, 1.1350, 1.1400, 1.1445 and 1.1490.

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 currency pair.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD has been indecisive, as suggested in our last chart analysis.

Price is indecisive and is lacking trend direction. The moving averages are tight and are moving sideways – confirming the market indecision. The GBPUSD is up-trending on higher time-frames, signalling that price could become bullish.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.3445, 1.3495, 1.3520, 1.3585, 1.3610 and 1.3640.

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 currency pair.

USDCAD

USDCAD 1 Hour Chart

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

Just like other Forex pairs, USDCAD is indecisive and is lacking trend momentum. The moving averages have been crossing frequently and are moving sideways – confirming the current indecision. Price is also indecisive on higher time-frames – providing no indication of future trend direction.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 1.2565, 1.2645, 1.2715, 1.2775 and 1.2790.

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 currency pair.

USDCHF

USDCHF 1 Hour Chart

Price broke above the horizontal channel resistance area and then reversed around 0.9295, as suggested in yesterday’s analysis.

USDCHF is above the recent consolidation area, signalling a potential uptrend. Price action has formed a bullish channel and the moving averages are starting to become bullish – all confirming the potential upside.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 0.9260, 0.9225 and 0.9180. A bullish move could stall or reverse around the bullish 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 currency pair.

USDJPY

USDJPY 1 Hour Chart

As suggested in our previous chart analysis, USDJPY reversed around the trend support area and has swung higher.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. USDJPY is moving within a bullish channel and is currently in a retrace move. The moving averages are bullish and steady, signalling the uptrend may continue.

Long opportunities could exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 115.65, 115.35, 114.95 and 114.80. A bullish move may stall or reverse around 116.15 and around the channel resistance area.

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 currency pair.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed around the moving averages and swung higher, as suggested in our previous analysis.

Price is up-trending and is currently in a retrace move. The moving averages are steady, signalling that the uptrend could continue.

Opportunities to go long may exist around the longer-term moving average, around the trend support area and around the horizontal levels at 1817, 1813 and 1795. A bullish move could stall or reverse around the shorter-term moving average and around the horizontal resistance levels at 1841, 1847 and 1852.

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