The FX Market 23rd 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 22nd April 2021 is currently below the pivot point, now at 1784.31.
1hr time frame:
Price is currently rising towards the resistance at the 1797 area on the 1 hr time frame.
The defense by the Bulls (at 1777 zone), is currently holding as Bears were unable to break and close price below the zone.
Basically, 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 quite intact on the 1 hour time frame. A break of the current high 1789 will take price to 1795.62 area (Resistance 1).
Bulls are currently in charge, as Sellers continue to mount pressure on the 1777 zone..
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 1789 zone.
We may also be seeing the formation of a Head and Shoulder pattern on the 1hr time frame.
This pattern may not be of much problem to the Buyers if formed. Bullish momentum is strong for now.
A break and close of price below 1776 will give the Bears some level of hope.
That said, Bulls have already doubled the reinforcement below the 1776 zone.
We expect that this zone will serve as a support near term.
Moreover, the Bears are currently lining a solid Resistance at the nearest High (1789 zone) on the 1 hour time frame.
Bears will now try, by all means to push price down at this Resistance zone in order to have some level of hope.
The 200 Simple Moving Average SMA is currently far below price at the 1762 area.
Price hovering far above the 200 SMA is a 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 1735.81 area) for the Sellers to take a breather.
Daily Time frame:
Market opened at 1784.11 below the previous day pivot.
Bulls may want to 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 currently visible on the Daily chart.
High Impact news for today is German Markit Manufacturing PMI data coming up in the London session at 07:30 GMT.
Medium Impact news for today is U.S Markit Manufacturing PMI coming up in the Newyork session at 13:45 GMT.
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