The FX Market 21st Apr 2021

This 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 close for 20th April 2021 is currently above the pivot point, now at 1778.50.

Resistance 3

1801.62

Resistance 2

1790.99

Resistance 1

1784.74

Pivot Point

1774.11

Support 1

1767.86

Support 2

1757.23

Support 3

1750.98

1hr time frame:

Price is currently moving towards the resistance at the 1790 area on the 1 hr time frame.

The defense by the Bulls (1769 zone), is currently holding as Sellers were unable to break and close price below the zone.

The implication is, price is in a Range.

Bears may want to push price below 1763 area in order to achieve a full break of the current Bullish structure.

Bullish structure is strongly intact on the 1 hour time frame. A break of the current high 1790 will take price to 1801 area (Resistance 3).

Bulls are currently in charge, as Sellers appears to have thrown in the towel.

Bears offensive attempt at the 1769 area was met with a much stronger counter-attack by the Bulls.

Sellers are now forming a strong resistance at the 1790 zone.

We may also be seeing the formation of Double Top pattern on the 1hr time frame.

A break and close of price below 1775 (Previous Day Pivot Point) will give the Bears some level of hope.

That said, Bulls have already doubled the reinforcement below the 1775 zone. We expect this zone to serve as a support near term.

Moreover, the Bulls are currently lining several layers of support zones below the current low (1763 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 1753 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 Buyers. 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 Bullish Bar resulting in a higher price close.

Price may possibly jump towards the current high (1790) as result of this.

However, market opened at 1778.11 above the previous day pivot.

Bears may take advantage of this to push price downwards 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.

Fundamentals:

High Impact news for today is U.K Consumer Price Index coming up in the London session at 06:00 GMT.

Another High Impact news for today is BoE’s Governor Bailey speech also coming up in the London session at 10:30 GMT.

High Impact news for today is Canada Consumer Price Index coming up in the Newyork session at 12:30 GMT.

Another High Impact news for today is Bank of Canada Rate Statement also coming up in the Newyork session at 14:00 GMT.

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