The FX Market 19th Apr 2021This page will give you possible forecast for Forex pairs for the day.
XAUUSD 1HR TF:
Gold is Bullish on the Daily time frame. Price is currently floating bullishly well above the pivot point, now at 1776.45.
1hr time frame:
Price is currently moving in a Bullish structure on the 1 hr time frame.
Buyers are currently buying the dip around the 38.2% Fibonacci retracement.
The implication is, price is in a strong uptrend.
Sellers may want to push price below 1750 area in order to have a full break of the current Bullish structure.
Bullish structure is strongly intact on the 1 hour time frame and a break of the current high 1783 will take price to 1798 area (Resistance 1).
Bulls are currently in charge, as Bears await the moment of relief which seems to be elusive right now.
A break and close of price below 1755 (Previous Day Pivot Point) will give the Bears some level of hope.
That said, Bulls are currently lining several layers of support zones on the 1 hour time frame.
Bears will now struggle to break below these in order to have some level of hope.
The 200 Simple Moving Average SMA is currently far below price at the 1745 area.
Price hovering far above 200 SMA should be a serious 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 at 1729 area. Buyers took full advantage of the opportunity back then, and this is currently serving as a leverage for the Bulls. As earlier said, price needs to close below the 200 SMA (now at 1727 area) for the Bears to take a breather.
Daily Time frame:
Market opened at 1775.49 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 of no doubt, slim.
Technically, the Bulls have the upper hand as Higher High, Higher Low market structure is now visible on the Daily chart.
The economic calendar is very light today.
Low Impact news for today is Euro Current Account data coming up in the London session at 08:00 GMT.
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