The FX Market 13th Apr 2021

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

XAUUSD 1HR TF:

Possible top is forming on the Daily time frame. Price is currently hovering around the pivot point, now at 1732.47.

Resistance 3

1759.78

Resistance 2

1752.31

Resistance 1

1742.22

Pivot Point

1734.75

Support 1

1724.66

Support 2

1717.19

Support 3

1707.1

We now have a Lower Low on the 1 hr time frame at 1727.27 area.

Bullish structure is now broken.

Bears may now come in at any time.

A break and close of price below 1730 (Previous Day Support 1) is currently giving Buyers some concern.

Lower Low has clearly been established on the 1 hour time frame.

Buyers will struggle to break and close above 1744 in order to have some level of hope.

The 200 Simple Moving Average SMA is around 1727 area just below price.

If price slides below the 200 SMA, this will start a Bearish trend.

Price opened at 1733.03 which is below the Pivot point.

Technically, we may possibly see a bearish run by the end of the day as the Evening Star Candlestick Pattern is visible on the chart.

Evening Star Candlestick pattern a Bearish Price Reversal Candlestick Pattern.

Medium Impact news for today is German Zew Survey coming up in the London session at 09:00 GMT.

High impact news for today is the U.S Consumer Price Index coming up in the US. session at 12:30 GMT.

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