TriumphFX Intraday Forex Analysis – 1 Hour Charts – February 24, 2022


Previous analysis… https://analysis.tfxi.com/2022/02/23/triumphfx-intraday-forex-analysis-1-hour-charts-february-23-2022/

AUDUSD – Market indecision?

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, AUDUSD was bullish and broke above the consolidation area.

Price has quickly reversed the bullish move though and has re-entered the consolidation area! AUDUSD is looking indecisive again. The moving averages confirm the market indecision – they are moving sideways. Price continues to be indecisive on higher time-frames, providing no indication of future direction.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 0.7090, 0.7105, 0.7155, 0.7165, 0.7185, 0.7220 and 0.7280.

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.

A US preliminary GDP figure will be released at 1330 UTC today.

EURGBP – Continuation of downtrend? Possible market indecision?

EURGBP 1 Hour Chart

EURGBP has been rejected around the 0.8300 area again, as suggested in yesterday’s analysis.

Price continues to downtrend but continues to also find support around the key higher time-frame support at 0.8300. EURGBP has formed a bearish channel and is moving within the channel. The moving averages have crossed bullish and are moving sideways, signalling market indecision. Price may start ranging between 0.8305-0.8380. As mentioned in previous analysis, EURGBP is around a key higher time-frame support at 0.8300, suggesting potential upside or a strong bearish break lower.

Opportunities to go short could exist around the bearish channel resistance area, around the moving averages and around any of the identified horizontal levels at 0.8355, 0.8380, 0.8395 and 0.8410. A bearish move may stall or reverse around 0.8300 and around the bearish channel support area.

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 – Continuation of downtrend?

EURUSD 1 Hour Chart

As suggested in our previous analysis, price has been bearish and has swung lower.

EURUSD has moved out of the recent indecision area and is down-trending. Price is currently finding support around 1.1240 and is forming a lower swing low. The moving averages are bearish and steady, suggesting that the downtrend could continue.

Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around any of the horizontal levels at 1.1280, 1.1290, 1.1355, 1.1375 and 1.1390. A bearish move could find support around 1.1240.

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.

A US preliminary GDP figure will be released at 1330 UTC today.

GBPUSD – Potential downtrend?

GBPUSD 1 Hour Chart

Price has been very bearish.

GBPUSD has been moving within a large consolidation at 1.3490-1.3640 for over 3 weeks. Price has just closed below the consolidation support area though! Suggesting the start of a potential downtrend. The bearish move is currently looking a little over-extended, signalling a potential retrace move before an attempt to swing lower. The moving averages confirm the potential downside – they are bearish and widening.

Selling opportunities could exist around the previous consolidation support area at 1.3490, around any of the key Fib levels, around the bearish moving averages and around the horizontal levels at 1.3520 and 1.3540.

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.

A US preliminary GDP figure will be released at 1330 UTC today.

USDCAD – Possible uptrend?

USDCAD 1 Hour Chart

As suggested in our previous chart analysis, the USDCAD has been bullish and has broken above the consolidation area.

Price was consolidating for around 3 weeks. The USDCAD has swung above both the symmetrical triangle and horizontal resistance areas, suggesting a potential uptrend. The moving averages are becoming bullish – confirming the potential upside. Price is also up-trending on higher time-frames, adding confidence to a potential upside move.

Opportunities to go long may exist around the previous diagonal resistance area (as support), around the moving averages and around the horizontal levels at 1.2785, 1.2770 and 1.2725.

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.

A US preliminary GDP figure will be released at 1330 UTC today.

USDCHF – Indecision

USDCHF 1 Hour Chart

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

Price is indecisive and is lacking trend momentum. The moving averages confirm the current indecision – they are tight and moving sideways. The USDCHF is also indecisive on higher time-frames and has formed a horizontal channel at 0.9090-0.9355.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 0.9150, 0.9170, 0.9215, 0.9225 and 0.9270.

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.

A US preliminary GDP figure will be released at 1330 UTC today.

USDJPY – Market indecision?

USDJPY 1 Hour Chart

As suggested in our last analysis, price has found support around the previous trend resistance area.

The USDJPY is is looking indecisive but is currently forming a swing lower, suggesting potential downside. The moving averages are tight and moving sideways, signalling the market indecision. Price is up-trending on higher time-frames though, suggesting a potential bullish move! There are a lot of mixed signals for this pair!

Trading opportunities may exist around the moving averages, around the diagonal support area and around the horizontal levels at 114.60, 115.25, 115.30 and 115.80.

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.

A US preliminary GDP figure will be released at 1330 UTC today.

XAUUSD – Continuation of retrace move?

XAUUSD 1 Hour Chart

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

XAUUSD is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend may continue. GOLD is also clearly up-trending on higher time-frames.

Long opportunities could exist around the moving averages, around the trend support area and around the horizontal levels at 1910, 1892, 1888 and 1879.

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