TriumphFX Intraday Forex Analysis – 1 Hour Charts – August 09, 2022


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

AUDUSD – Indecision. Potential upside?

AUDUSD 1 Hour Chart

Price has been bullish.

AUDUSD continues to be indecisive and lack trend momentum. The moving averages confirm the market indecision – they have been crossing frequently. Price is up-trending on higher time-frames, suggesting that AUDUSD may become bullish.

Opportunities to go long could exist around the moving averages, around the previous diagonal resistance area (as support) and around the horizontal support levels at 0.6910, 0.6885 and 0.6865. A bullish move may find resistance around 0.6985, 0.7000, 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 – Indecision. Potential uptrend?

EURGBP 1 Hour Chart

As suggested in our last chart analysis, price reversed around 0.8410 and has since been bullish.

EURGBP is currently ranging between 0.8410 and 0.8445 but price could be breaking above the range resistance area, signalling a potential uptrend. The moving averages are bullish and steady – confirming the potential trend. EURGBP continues to downtrend on higher time-frames.

Trading opportunities may exist around the support and resistance areas of the range and if price closes out of the range (break-out trade). A break to the upside could find resistance around 0.8460, 0.8490 and 0.8520. A break to the downside could find support around 0.8400 and 0.8340.

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

EURUSD has been moving sideways, as suggested in our last analysis.

Price is indecisive and is lacking trend direction. EURUSD has been clearly consolidating for weeks and is moving between 1.0105 and 1.0285. The moving averages confirm the market indecision – they have been crossing frequently and moving sideways.

Trading opportunities could exist around the consolidation support and resistance areas and around any of the horizontal levels at 1.0115, 1.0130, 1.0155, 1.0250 and 1.0265.

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. Possible upside

GBPUSD 1 Hour Chart

As suggested in our previous analysis, GBPUSD reversed around the diagonal resistance area and the longer-term moving average.

Price is down-trending and has just formed a new lower swing high. The moving averages are bearish and steady, signalling that the downtrend could continue. GBPUSD is forming a large inverted head and shoulder pattern on higher time-frames, signalling potential upside. If price closes above the trend resistance area, GBPUSD could attempt a bullish move higher.

Opportunities to go short may exist around the moving averages and around the trend resistance area. Opportunities to go long may exist if price closes above the trend resistance area. A bearish move could find support around 1.2025 and 1.1960. A bullish move could find resistance around 1.2125, 1.2180, 1.2190 and 1.2235.

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 – Indecision. Potential uptrend?

USDCAD 1 Hour Chart

Price has been bearish.

The USDCAD is up-trending and is currently in a retrace phase. Price is below the moving averages and is currently looking indecisive, suggesting that USDCAD may struggle to swing higher. Price action has held higher swing highs and higher swing lows though, suggesting a potential uptrend.

Trading opportunities could exist around the moving averages and around any of the identified horizontal levels at 1.2775, 1.2825, 1.2885, 1.2895, 1.2925, 1.2945 and 1.2960.

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

As suggested in our previous chart analysis, price found support around the range support area and has been moving sideways.

The USDCHF continues to be indecisive and range between 0.9535-0.9645. The moving averages are tight and moving sideways – confirming the market indecision.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside could find support around 0.9485. A break to the upside could find resistance around 0.9660 and 0.9690.

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

The USDJPY reversed around 134.50, as suggested in yesterday’s chart analysis.

Price is up-trending and is currently in a retrace move. The moving averages are bullish and widening, suggesting that the uptrend may continue. The USDJPY is also up-trending on higher time-frames.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 134.45 and 132.55. A bullish move may stall or reverse around 135.35, 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

As suggested in yesterday’s analysis, GOLD has been bullish.

Price is clearly up-trending – XAUUSD has formed a series of higher swing highs and higher swing lows. Price action has just formed a higher swing low. The moving averages are starting to move sideways, suggesting market indecision – price could struggle to swing higher.

Long opportunities may exist around the moving averages, around the trend support area and around the horizontal levels at 1785, 1769 and 1754. A bullish move could be rejected or reverse around 1795.

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