TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 17, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/16/triumphfx-intraday-forex-analysis-1-hour-charts-february-16-2022/

AUDUSD

AUDUSD 1 Hour Chart

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

Despite the major AUD news, the AUDUSD continues to be indecisive. Price has recently been bullish but continues to be indecisive and quite choppy overall. The moving averages have been crossing frequently for 2 weeks – confirming the market indecision. The AUDUSD is also indecisive on higher time-frames, providing no clear indication of future trend direction.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.7035, 0.7055, 0.7090, 0.7105, 0.7155, 0.7210 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 the trend resistance area and has been bearish, as suggested in our previous analysis.

The EURGBP is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently testing the recent swing low at 0.8350. This is also a psychological level. The moving averages have crossed bullish, suggesting that downside momentum could be weakening – the downtrend could becoming to an end. It looks like the EURGBP could start ranging between the psychological levels at 0.8350 and 0.8400.

Selling opportunities may exist around the moving averages, around the trend resistance area and around any of the horizontal levels at 0.8400, 0.8410 and 0.8445. A bearish move could be rejected or reverse around the potential range support and previous swing low at 0.8350 and around the recent lows at 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 reversed around 1.1400.

Price was signalling potential bearish momentum but is now looking indecisive. Recent price action has been sideways. The moving averages confirm the current indecision – they have crossed and are moving sideways. The EURUSD is also indecisive on higher time-frames, providing no clear indication of future price direction.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.1280, 1.1395 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 reversed around the shorter-term moving average, as suggested in our last chart analysis.

Price continues to be indecisive and move sideways. The GBPUSD is currently bullish though, suggesting a potential move higher. Price is ranging between 1.3490 and 1.3640 but hasn’t quite formed a horizontal channel. Price action has actually formed a number of horizontal support and resistance levels within the range, which is quite unusual for the 1 hour time-frame. The moving averages have been crossing frequently – confirming the indecision – but are currently bullish, strengthening the chance that the GBPUSD could become bullish.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.3490, 1.3520, 1.3565, 1.3610 and 1.3640. If price closes above the range resistance area at 1.3640, the GBPUSD could attempt a bullish move higher.

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 moving sideways.

USDCAD continues to be indecisive, just like other USD pairs. The moving averages confirm the indecision – they have been moving sideways and have been crossing frequently for over 2 weeks. Price is ranging between 1.2645 and 1.2790 and has formed a clear horizontal channel on the 4 hour time-frame at 1.2655-1.2785. USDCAD is also indecisive on higher time-frames – confirming the market indecision.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 1.2645, 1.2655, 1.2670, 1.2745, 1.2775, 1.2780 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 has been bearish.

USDCHF was moving within a range at 0.9225-0.9280 but has recently swung below the range support area, signalling a potential downtrend. Price continues to look choppy though. The moving averages confirm the potential downside – they are bearish and steady. Price action has formed a bearish channel.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal levels at 0.9225, 0.9270, 0.9280 and 0.9295. A bearish move could stall or reverse around the bearish channel support area and around the recent lows at 0.9190 and 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 currency pair.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s analysis, USDJPY is currently finding support around 115.05.

Price has been indecisive after a short up-trend. USDJPY is now showing signs of bearish momentum though – price action has formed a lower swing high and is attempting to swing lower. The moving averages are bearish but continue to be tight, signalling that USDJPY may become indecisive again.

Opportunities to go short could exist around the moving averages, around the diagonal resistance area and around any of the horizontal levels at 115.30, 115.80 and 116.15. A bearish move may be rejected or reverse around 115.05, 114.95 and 114.25.

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

XAUUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently very bullish and is forming a swing higher. The moving averages suggest that the upside direction could continue – they are bullish and steady.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1879, 1848, 1841 and 1823.

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