The FX Market 16th Apr 2021This page will give you possible forecast for Forex pairs for the day.
XAUUSD 1HR TF:
Gold is currently Bullish on the Daily time frame. We have the closing price well above the pivot point, now at 1763.45.
1hr time frame:
We now have price moving in a Bullish structure on the 1 hr time frame.
Buyers will be looking for a bullish continuation after a retest of the 1760 area is done.
Sellers will want to push price below 1744 area in order to have a full break of the current Bullish structure.
Bullish structure is now intact on the 1 hour time frame and a break of the current high 1769 will take price to 1777 area (Resistance 1).
Bulls are now come in charge.
A break and close of price below 1745 (Previous Day Resistance 1) will give the Bears some level of hope.
That said, price was unable to form Quasimodo pattern earlier in the day on the 1 hour time frame.
There was no confirmation for Quasimodo pattern as price was unable to close below 1723 let alone retest that level.
Bears will now struggle to break and close below 1745 area in order to have some level of hope.
The 200 Simple Moving Average SMA is currently above price t 1740 area, far below current price.
Price hovering far above 200 SMA should be a source of concern for the Sellers.
4hr time frame:The Golden Cross on the 4 hour time frame is effectively in place as the 50 SMA crossed above the 200 SMA and price is reacting to it. Buyers took full advantage of the opportunity and only time can tell when the current Bullish momentum will subside. As earlier said, price needs to close below the 200 SMA (1726 area) for the Bears to have some hope.
Daily Time frame:
Market opened at 1763.92 well above the previous day pivot.
Bears may take advantage of this to push price downwards by the end of the day, but the chances are slim.
Technically, the Buyers have the advantage as Higher High, Higher Low market structure is now visible on the Daily chart.
High Impact news for today is China’s Gross Domestic Product data coming up in the Asian session at 02:00 GMT.
Medium Impact news for today is Euro Zone Consumer Price Index coming up in the London session at 09:00 GMT.
High impact news for today is the U.S Michigan Consumer Sentiment Index coming up in the US. session at 14:00 GMT.
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