The FX Market 15th Apr 2021This page will give you possible forecast for Forex pairs for the day.
XAUUSD 1HR TF:
Gold is currently ranging on the Daily time frame. We have the closing price well above the pivot point, now at 1736.08.
1hr time frame:
We now have price trapped in a triangle on the 1 hr time frame.
Buyers will be looking for a break above 1750 area.
Sellers will want to push price below 1730 area.
Range structure is now intact on the 1 hour time frame.
Bears may now come in at any time.
A break and close of price below 1729 (Previous Day Support 1) will give the Bears some level of hope.
Quasimodo pattern will be formed by then on the 1 hour time frame.
This will be confirmed if price break, close below 1723 and also form a retest of that level.
Bulls will now struggle to break and close above 1750 area in order to have some level of hope.
The 200 Simple Moving Average SMA is currently above price t 1738 area.
Price hovering below the 200 SMA should be a source of concern for the Buyers.
4hr time frame:The Golden Cross on the 4 hour time frame is still in place 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. Price needs to close below the 200 SMA (1726 area) for the Bears to have some hope.
Daily Time frame:
Market opened at 1736.06 below the previous day pivot.
Bulls may take advantage of this to push price further up by the end of the day.
Technically, the Sellers may have an advantage at the early hours of the day by pushing price to the 1726 area.
High Impact news for today is German Harmonized Index of Consumer Prices coming up in the London session at 06:00 GMT.
Another High impact news for today is the U.S Retail Sales data coming up in the US. session at 12:30 GMT.
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