TriumphFX Intraday Forex Analysis – 1 Hour Charts – January 29, 2021


Previous analysis… https://analysis.dehuifx.com/2021/01/28/triumphfx-intraday-forex-analysis-1-hour-charts-january-28-2021/

AUDUSD

AUDUSD 1 Hour Chart

As suggested in yesterday’s chart analysis, price has reversed around the longer-term moving average and 61.8% Fib level.

The AUDUSD is down-trending and is currently in a retrace phase. The moving averages are bearish and widening, suggesting that the downside direction may continue. Price is up-trending on higher time-frames.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.7700, 0.7755 and 0.7775. A bearish move may find support around 0.7595.

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.

An advanced US GDP figure will be released at 1330 UTC today.

EURGBP

EURGBP 1 Hour Chart

Price reversed around the trend resistance area and then around the recent lows at 0.8825, as suggested in yesterday’s chart analysis.

The EURGBP is down-trending. The moving averages are bearish and steady, signalling that the downside direction could continue. Price is currently struggling to swing lower, suggesting that downside momentum is weakening – the downtrend could becoming to an end. The EURGBP could start ranging between 0.8825 and 0.8870.

Shorting opportunities may exist around the longer-term moving average, around the trend resistance area and around the horizontal resistance levels at 0.8870, 0.8900 and 0.8920. A bearish move could continue to stall or reverse around 0.8825.

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

As suggested in yesterday’s chart analysis, the EURUSD has reversed around the longer-term moving average and diagonal resistance area.

Price continues to be indecisive. The moving averages confirm the market indecision – they have been crossing frequently. The EURUSD is up-trending on higher time-frames, signalling a potential bullish move.

Trading opportunities could exist around the moving averages, around the diagonal resistance area and around the horizontal levels at 1.2055, 1.2165, 1.2180 and 1.2215.

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.

An advanced US GDP figure will be released at 1330 UTC today.

GBPUSD

GBPUSD 1 Hour Chart

The GBPUSD reversed around 1.3630, as suggested in yesterday’s chart analysis.

Price has become indecisive and is forming horizontal channels. The moving averages are tight and moving sideways, confirming the market indecision.

Trading opportunities may exist around the diagonal support and resistance areas and around the horizontal levels at 1.3610, 1.3630 and 1.3750.

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.

An advanced US GDP figure will be released at 1330 UTC today.

USDCAD

USDCAD 1 Hour Chart

As suggested in yesterday’s chart analysis, price reversed around the horizontal level at 1.2795.

USDCAD is up-trending but is currently struggling to break new highs. The moving averages are bullish and widening, suggesting that the uptrend may continue.

Buying opportunities could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2795 and 1.2780. A bullish move may be rejected or reverse around 1.2870.

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.

An advanced US GDP figure will be released at 1330 UTC today.

USDCHF 

USDCHF 1 Hour Chart

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

USDCHF continues to be indecisive and range between 0.8845 and 0.8925. The moving averages confirm the market indecision – they have been crossing frequently.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).

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.

An advanced US GDP figure will be released at 1330 UTC today.

USDJPY

USDJPY 1 Hour Chart

As suggested in yesterday’s analysis, USDJPY has been bullish and has swung higher.

Price is up-trending. The moving averages are bullish and widening, suggesting that the uptrend may continue.

Long opportunities could exist around the dynamic support of the moving averages and around the horizontal levels at 104.35, 104.20, 104.10 and 103.90.

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.

An advanced US GDP figure will be released at 1330 UTC today.

XAUUSD

XAUUSD 1 Hour Chart

GOLD reversed around the bearish channel resistance area, as suggested in yesterday’s chart analysis.

Price is down-trending within a bearish channel. The moving averages are tight and moving sideways, signalling market indecision.

Trading opportunities may exist around the support and resistance areas of the bearish channel and around the horizontal levels at 1811, 1836, 1865, 1874, 1907 and 1926.

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