TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 27, 2021


Previous analysis…

AUDUSD

AUDUSD 1 Hour Chart

Price has been bullish.

The AUDUSD continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Price is up-trending on higher time-frames, suggesting a potential move higher.

Trading opportunities could exist around the moving averages, around the support and resistance areas of the previous bearish channel and around any of the horizontal levels at 0.7665, 0.7690, 0.7755, 0.7775, 0.7800 and 0.7815.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The FOMC will release a statement at 1900 UTC today. This will be followed by a press conference at 1930 UTC.

EURGBP

EURGBP 1 Hour Chart

As suggested in yesterday’s chart analysis, price found support around the horizontal channel support area.

The EURGBP has been indecisive and has been moving within a horizontal channel at 0.8835-0.8920. The moving averages have been crossing frequently and have been moving sideways, confirming the market indecision. Price is closing below the channel support area, signalling a potential downtrend.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the diagonal resistance area and around the horizontal levels at 0.8835, 0.8900 and 0.8920.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

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

EURUSD

EURUSD 1 Hour Chart

The EURUSD continues to move sideways, as suggested in yesterday’s chart analysis.

Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they have been crossing frequently and moving sideways.

Trading opportunities could exist around the diagonal support area and around any of the moving averages at 1.2055, 1.2080, 1.2110, 1.2165, 1.2180, 1.2215 and 1.2245.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The FOMC will release a statement at 1900 UTC today. This will be followed by a press conference at 1930 UTC.

GBPUSD

GBPUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, the GBPUSD has been bullish and has found resistance around the diagonal resistance area.

Price is up-trending and has formed a rising triangular pattern. The moving averages are currently bullish, suggesting that the upside could continue. The GBPUSD is up-trending on higher time-frames.

Buying opportunities may exist around the dynamic support of the moving averages, around the diagonal support area and around the horizontal support levels at 1.3630, 1.3610 and 1.3525. Price could continue to find resistance and reverse around the diagonal resistance area.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

The FOMC will release a statement at 1900 UTC today. This will be followed by a press conference at 1930 UTC.

USDCAD

USDCAD 1 Hour Chart

Price has reversed around 1.2690, as suggested in yesterday’s chart analysis.

USDCAD continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities could exist around the moving averages and around the horizontal levels at 1.2615, 1.2690, 1.2780, 1.2795 and 1.2835.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The FOMC will release a statement at 1900 UTC today. This will be followed by a press conference at 1930 UTC.

USDCHF 

USDCHF 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around 0.8860.

USDCHF continues to be indecisive, just like other USD pairs. The moving averages have been crossing frequently – confirming the market indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 0.8810, 0.8825, 0.8845, 0.8860, 0.8895, 0.8920 and 0.8925.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The FOMC will release a statement at 1900 UTC today. This will be followed by a press conference at 1930 UTC.

USDJPY

USDJPY 1 Hour Chart

USDJPY has been moving sideways.

Price is indecisive, just like other USD pairs. The moving averages confirm the market indecision – they are moving sideways and crossing frequently. Price action has formed a series of lower swing highs and USDJPY is down-trending on higher time-frames, signalling that price may attempt a bearish move.

Shorting opportunities could exist around the diagonal resistance area and around the horizontal resistance levels at 103.90, 104.10 and 104.35. A bearish move may be rejected or reverse around the moving averages and around the horizontal support levels at 103.55 and 103.35.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The FOMC will release a statement at 1900 UTC today. This will be followed by a press conference at 1930 UTC.

XAUUSD

XAUUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, GOLD has been finding support around 1843.

Price continues to be indecisive and lack trend direction. The moving averages have been crossing frequently and are moving sideways, confirming the current indecision.

Trading opportunities may exist around the moving averages and around the horizontal levels at 1811, 1843, 1865, 1874, 1907 and 1926.

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