The FX Market 14th Apr 2021
This page will give you possible forecast for Forex pairs for the day.XAUUSD 1HR TF:
Possible Bull Cross pattern is forming on the Daily time frame. We have the closing price well above the pivot point, now at 1745.34.
Resistance 3
1780.26
Resistance 2
1764.6
Resistance 1
1754.97
Pivot Point
1739.31
Support 1
1729.68
Support 2
1714.02
Support 3
1704.39
1hr time frame:
We now have a Higher High on the 1 hr time frame at 1748.90 area.
Bearish structure is now broken.
Bulls may now come in at any time.
A break and close of price below 1730 (Previous Day Support 1) occurred earlier in the day but this move did not last for long.
Higher High has clearly been established on the 1 hour time frame.
Bears will now struggle to break and close below 1723 in order to have some level of hope.
The 200 Simple Moving Average SMA is around 1732 area far below price.
If price breaks and close above the 1755 area, this will give the Bulls more hope to take price to a higher level (1764).
4hr time frame:
We now have a Golden Cross on the 4 hour time frame as the 50 SMA crossed above the 200 SMA. This may give the Bears some level of concern as the Buyers may want to take advantage of this opportunity.Daily Time frame:
Market is currently closed (time is 21:35 GMT). If price opens above the Pivot (1739.31), Bears may take price down by the end of the day.
On the other hand, if price opens below the Pivot (1739.31), Bulls may take push price further up by the end of the day.
Technically, we may possibly see a further bullish run by the end of the day as the Bull Cross Candlestick Pattern is visible on the Daily chart.
Bull Cross Candlestick pattern is a Bullish Price Reversal Candlestick Pattern.
Fundamentals:
Medium Impact news for today is EUR Industrial Production coming up in the London session at 09:00 GMT.
High impact news for today is the ECB’s President Lagarde speech coming up in the US. session at 14:00 GMT.
Another High impact news for today is the Fed’s Chair Powell speech coming up in the US. session at 16:00 GMT.
Medium Impact news for today is Fed’s Beige Book coming up later in the US. session at 18:00 GMT.
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