The FX Market 22nd 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 close for 21st April 2021 is currently above the pivot point, now at 1793.87.
1hr time frame:
Price is currently moving towards the resistance at the 1797 area on the 1 hr time frame.
The defense by the Bulls (1790 zone), is currently holding as Sellers were unable to break and close price below the zone.
The implication is, price is in a Bullish structure.
Bears may want to push price below 1777 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 1797 will take price to 1802.23 area (Resistance 1).
Bulls are currently in charge, as Sellers appears to have given up the battle for now due to lack of strong defensive-power.
Bears offensive attempt at the 1777 area was met with a much stronger counter-attack by the Bulls.
Sellers are now forming a strong resistance at the 1797 zone.
We may also be seeing the formation of minor Double Top pattern on the 1hr time frame.
This pattern will not be of much problem to the Buyers if formed. Bullish momentum is strong for now.
A break and close of price below 1774.11 (Previous Day Pivot Point) will give the Bears some level of hope.
That said, Bulls have already doubled the reinforcement below the 1774.11 zone.
We expect that this zone will serve as a support near term.
The 200 Simple Moving Average SMA is currently far below price at the 1758 area.
Price hovering far above the 200 SMA of no doubt, still serves as a serious source of concern for the Sellers.
4hr time frame:
The Golden Cross, currently on the 4 hour time frame, is well in place as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took full advantage of the opportunity back then (15th April), and it is currently serving as a leverage for the Buyers. As earlier said, price need to close below the 200 SMA (now at 1733 area) for the Sellers to take a breather.
Daily Time frame:
Yesterday’s Daily candlestick formed a much more longer Bullish Bar resulting in a higher price close.
Price may possibly jump towards the current high (1797) as result of this.
However, market opened at 1793.90 far above the previous day pivot.
Sellers may want to 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 currently visible on the Daily chart.
High Impact news for today is ECB Interest Rate Decision coming up in the London session at 11:45 GMT.
Medium Impact news for today is U.S Initial Jobless Claims coming up in the Newyork session at 12:30 GMT.
High Impact news for today is ECB Monetary Policy Statement and Press Conference coming up in the Newyork session at 12:30 GMT.
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