The FX Market 20th 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. Price is currently around the pivot point, now at 1771.
1hr time frame:
Price is currently facing a stiff resistance at the 1790 area on the 1 hr time frame.
The first line of defense by the Bulls (1769 zone), is currently holding very well as Sellers are unable to break and close price below the zone.
The implication is, price is in a Range.
Sellers may want to push price below 1766 area in order to actualize 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 1790 will take price to 1799 area (Resistance 2).
Bulls are currently in charge, as Bears await more moments of relief which seems to be just around the corner.
Reason is, we now have a Lower Low at the 1766 area.
We may also be seeing the formation of Head and Shoulder pattern.
A break and close of price below 1761.18 (Previous Day Pivot Point) will give the Bears some level of hope.
That said, Bulls have already doubled the reinforcement below the 1769 zone.
Moreover, the Bulls are currently lining several layers of support zones below the current low (1769 zone) on the 1 hour time frame.
Bears will now struggle to break below these supports in order to have some level of hope.
The 200 Simple Moving Average SMA is currently far below price at the 1750 area.
Price hovering far above 200 SMA still serves as a serious source of concern for the Bears.
4hr time frame:
The Golden Cross on the 4 hour time frame is well in place as the 50 SMA crossed above the 200 SMA at 1729 area. Buyers took full advantage of the opportunity back then (15th April), and this is currently serving as a leverage for the Bulls. As earlier said, price need to close below the 200 SMA (now at 1729 area) for the Bears to take a breather.
Daily Time frame:
Yesterday’s Daily candlestick formed a Bearish Pin Bar. Price may possibly slide below yesterday’s low (1766.61) as result of this.
However, market opened at 1770.85 below the previous day pivot.
Bulls may take advantage of this to push price upwards by the end of the day.
Technically, the Bulls still have the upper hand as Higher High, Higher Low market structure is now visible on the Daily chart.
High Impact news for today is U.K Claimant Count Change coming up in the London session at 06:00 GMT.
High Impact news for today is ECB Bank Lending Survey also coming up in the London session at 08:00 GMT.
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