The FX Market 12th Apr 2021

This page will give you possible forecast for Forex pairs for the day.

XAUUSD 1HR TF:

We are in a Range. Price is currently hovering around the pivot point, now at 1740.13.

Resistance 3

1783.14

Resistance 2

1770.27

Resistance 1

1756.97

Pivot Point

1744.1

Support 1

1730.8

Support 2

1717.93

Support 3

1704.63

1hr time frame:

We are yet to have a Lower Low on the 1 hr time frame.

Bullish structure is still intact.

Bulls may come in at any time.

A break and close of price below 1730 (Support 1) should give the Buyers some concern.

Lower Low will be formed by then on the 1 hour time frame.

A break and close of price above 1744 should give the Buyers some level of hope.

The 200 Simple Moving Average SMA is around 1734 area.

Price bounced twice above the 200 SMA which implies that the 1734 area is a strong support that must be broken by the Bears first.

Daily Time frame:

Price opened at 1742.67 which is below the Pivot point.

Technically, we may possibly see a bullish run by the end of the day.

Fundamentals:

High Impact news for today is European Retail Sales coming up in the London session at 09:00 GMT.

Medium impact news for today is the Bank of Canada Business Outlook Survey coming up in the US. session at 13:30 GMT.

After

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EURUSD 1HR TF:

Upside still favoured. Price is currently ranging around the pivot point, now at 1.18923.

Resistance 3

1.198

Resistance 2

1.195

Resistance 1

1.1927

Pivot Point

1.1897

Support 1

1.182