TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 10, 2022


Previous analysis… https://analysis.tfxi.sc/2022/01/07/triumphfx-intraday-forex-analysis-1-hour-charts-january-07-2022/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in Friday’s chart analysis, the AUDUSD was bearish and then reversed off 0.7125.

Price is down-trending and is currently in a retrace move. The moving averages are bearish but starting to move sideways, signalling potential market indecision. The AUDUSD is looking indecisive on higher time-frames.

Selling opportunities could exist around the 50.0% and 61.8% Fib levels, around the longer-term moving average and around the horizontal levels at 0.7215, 0.7270 and 0.7275. A bearish move may be rejected or reverse around the shorter-term moving average and around the horizontal levels at 0.7175, 0.7140 and 0.7125.

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

The EURGBP has been reversing around the support and resistance areas of the horizontal channel, as suggested in Friday’s analysis.

Price was down-trending but is currently moving sideways. Price action has formed a horizontal channel at 0.8335-0.8370 and the EURGBP is moving within the channel. The moving averages are bearish and steady, suggesting that the downtrend could continue – price could break lower.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if the EURGBP moves out of the channel (break-out trade). A break to the upside could find resistance around the trend resistance area and around the horizontal level at 0.8420.

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, price reversed around 1.1360.

The EURUSD continues to look choppy and indecisive. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision. Price has formed a short series of higher swing highs and higher swing lows, and the moving averages are currently bullish, signalling potential upside. Price action is providing mixed signals on higher time-frames.

Trading opportunities could exist around the bullish moving averages, around the diagonal support area and around any of the identified horizontal levels at 1.1265, 1.1275, 1.1285, 1.1320, 1.1345, 1.1365 and 1.1385.

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

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

The GBPUSD 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, signalling that the uptrend could continue. Price is also up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support areas and around any of the horizontal levels at 1.3550, 1.3495, 1.3445, 1.3410 and 1.3380. A bullish move could stall or reverse around 1.3595 and around the diagonal resistance area.

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 Friday’s analysis, USDCAD has been finding support around 1.2630.

Price is indecisive and is lacking trend momentum. USDCAD has recently been bearish though and a key diagonal support area has been broken, suggesting a potential downtrend. The moving averages confirm this – they have crossed bearish. Price is currently finding support around 1.2630.

Shorting opportunities could exist around the dynamic resistance of the moving averages, around the previous diagonal support area (as resistance) and around any of the horizontal levels at 1.2675, 1.2700, 1.2770, 1.2805 and 1.2830. USDCAD may continue to find support around 1.2630.

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

USDCHF reversed around the trend support area and longer-term moving average, as suggested in our last analysis.

Price is up-trending – USDCHF has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and widening, signalling that the upside direction could continue.

Long opportunities may exist around the bullish moving averages, around the trend support area and around the horizontal levels at 0.9180 and 0.9140. A bullish move could find resistance around 0.9225 and 0.9250.

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 last chart analysis, price has been moving sideways.

USDJPY is up-trending and is currently in a strong retrace move. Price has recently become indecisive and has been moving sideways. The moving averages confirm the market indecision – they are tight and are moving sideways.

Trading opportunities could exist around the moving averages, around the diagonal support and resistance areas and around any of the horizontal levels at 114.45, 114.70, 115.00, 115.65, 115.95, 116.15 and 116.30.

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

Price has been finding support around 1786, as suggested in Friday’s chart analysis.

GOLD is potentially down-trending and is currently in a retrace move. The moving averages are bearish and widening, suggesting that price could swing lower.

Opportunities to go short may exist around the dynamic resistance of the moving averages, around any of the key Fib levels, around the trend resistance area and around any of the horizontal levels at 1798, 1826 and 1830. An attempt to swing lower could continue to find support around 1786.

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