TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 08, 2022


Previous analysis… https://analysis.tfxi.com/2022/08/05/triumphfx-intraday-forex-analysis-1-hour-charts-august-05-2022/

AUDUSD – Indecision

AUDUSD 1 Hour Chart

The AUDUSD has been bearish.

Price is indecisive after forming an uptrend. Recent price action has formed a short series of lower swing highs and lows, suggesting a potential downtrend. AUDUSD is up-trending on higher time-frames though, signalling a potential bullish move. The future price direction of AUDUSD is currently unclear.

Trading opportunities may exist around the diagonal resistance area, around the moving averages and around any of the horizontal levels at 0.6845, 0.6865, 0.6885, 0.6910, 0.6985, 0.7025 and 0.7040.

The Reserve Bank of Australia (RBA) has increased rates again, by another 0.50% to 1.85%. The rate increases throughout 2022 have been to tackle rising inflation. The RBA have stated that the economic outlook is cloudy, due to the war in Ukraine and China’s anti-COVID measures.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

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

EURGBP – Potential uptrend?

EURGBP 1 Hour Chart

As suggested in Friday’s analysis, the EURGBP reversed off 0.8410 and was bullish.

Price action has formed a higher swing high, signalling a potential uptrend. The moving averages confirm the potential trend – they are bullish and widening. EURGBP continues to downtrend higher time-frames though, suggesting a bearish move lower.

Trading opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 0.8340, 0.8400, 0.8410, 0.8445, 0.8460, 0.8490 and 0.8520.

The European Central Bank (ECB)has increased it’s rates by 0.50%, bringing the official rate to 0.75%. Further rate hikes could happen, due to rising inflation.

The Bank of England (BOE) have increased it’s official bank rate again. This time by 0.50% – it’s biggest rate increase since 1995! The official rate is now set to 1.75%. This is the 6th consecutive rate hike by the BOE. Further rate hikes are expected. The BOE has announced a potential recession by the end of 2022, which could last throughout 2023.

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

EURUSD – Market indecision

EURUSD 1 Hour Chart

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

The EURUSD has been indecisive for over 2 weeks and has formed a clear consolidation area at 1.0105-1.0285. The moving averages confirm the current indecision – they have been crossing frequently.

Trading opportunities may exist around the moving averages and around any of the horizontal levels at 1.0105, 1.0115, 1.0130, 1.0190, 1.0250, 1.0265 and 1.0285.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

The European Central Bank (ECB)has increased it’s rates by 0.50%, bringing the official rate to 0.75%. Further rate hikes could happen, due to rising inflation.

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

GBPUSD – Down-trending

GBPUSD 1 Hour Chart

Price has been bearish.

The GBPUSD was up-trending but has recently been forming lower swing highs and lower swing lows, suggesting a downtrend. The moving averages are bearish and steady, signalling that the downtrend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal resistance levels at 1.2180, 1.2190, 1.2235 and 1.2280. A bearish move may find support around 1.2080, 1.2025, 1.1960 and 1.1920.

The Bank of England (BOE) have increased it’s official bank rate again. This time by 0.50% – it’s biggest rate increase since 1995! The official rate is now set to 1.75%. This is the 6th consecutive rate hike by the BOE. Further rate hikes are expected. The BOE has announced a potential recession by the end of 2022, which could last throughout 2023.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

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

USDCAD – Potential uptrend

USDCAD 1 Hour Chart

As suggested in our last chart analysis, USDCAD moved above the range resistance area and has since been bullish.

Price action has formed a short series of higher swing highs and higher swing lows, signalling a potential uptrend. The moving averages confirm this – 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 support levels at 1.2825 and 1.2775. A bullish move could be rejected or reverse around the horizontal resistance levels at 1.2925, 1.2945, 1.2960 and 1.2990.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

The Bank of Canada (BOC) has raised it’s interest rate by an entire percent, increasing the official bank rate to 2.5%. The BOC have announced that further hikes are expected to tackle rising inflation.

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

USDCHF – Market indecision

USDCHF 1 Hour Chart

USDCHF reversed around 0.9645 and has been moving sideways, as suggested in our last analysis.

Price is indecisive and has formed a range at 0.9540-0.9645. The moving averages are tightening and moving sideways – confirming the market indecision.

Trading opportunities could 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 downside may find support around 0.9485. A break to the upside may find resistance around 0.9660, 0.9690 and 0.9735.

The Swiss National Bank (SNB) have hiked rates by 0.50%, bringing the official rate to -0.25% – interest rates still being negative. The SNB did not rule out further rate hikes in future or the possibility of intervening in foreign exchange markets. The rate increase is to tackle rising inflation.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

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

USDJPY – Up-trending

USDJPY 1 Hour Chart

As suggested in our previous analysis, price closed above the range resistance area and has since been bullish.

USDJPY has formed a series of higher swing highs and higher swing lows, signalling an uptrend. The moving averages are bullish and steady – confirming the potential trend. Price is also up-trending on higher time-frames.

Long opportunities may exist around the trend support area, around the moving averages and around any of the horizontal levels at 134.50 and 132.55. A bullish move could find resistance around 136.00 and 137.45.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

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 but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

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

XAUUSD – Up-trending

XAUUSD 1 Hour Chart

Price has been finding support around the trend support area, as suggested in our previous chart analysis.

GOLD is up-trending and is currently in a retrace move. The moving averages suggest that the uptrend may continue – they are bullish and steady.

Opportunities to go long could exist around the trend support area, around the longer-term moving average and around the horizontal levels at 1754 and 1735. A bullish move may stall or reverse around the shorter-term moving average and around the horizontal resistance levels at 1785 and 1795.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/

Hits: 7