The FX Market 26th 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 23rd April 2021 is currently below the pivot point, now at 1776.43.
Resistance 3
1817.50
Resistance 2
1806.70
Resistance 1
1791.56
Pivot Point
1780.76
Support 1
1765.62
Support 2
1754.82
Support 3
1739.68
1hr time frame:
Price is currently forming a top at the 1797 area on the 1 hr time frame.
The defense by the Bulls (at 1769 zone), is currently holding as Bears were unable to break and close price below the zone.
Basically, the implication is, price is in a Ranging structure.
Bears may want to push price below 1769 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 1779 will take price to 1781 area.
Above 1781 area, the next resistance zone is 1789 zone, and above this is 1791.5 (Resistance 1).
Sellers may continue to mount pressure on 1769 zone, and below is 1763 zone where we have lots of Bulls waiting to take action.
Technically, a Lower Low (1769) is now visible on the chart.
This will be a source of concern to the Bulls.
A break and close of price below 1769 will give the Bears some level of hope.
That said, Bulls have already doubled the reinforcement below the 1768 zone.
We expect that this zone will serve as a support near term.
Moreover, the Bulls are currently lining a solid Support at the nearest Low (1769 zone) on the 1 hour time frame.
Bulls will now try, by all means to push price above at this Support zone in order to have some level of hope.
The 200 Simple Moving Average SMA is currently below price at the 1768 area.
Price hovering just above the 200 SMA is a source of concern for the Buyers.
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 a leverage for the Buyers.
As earlier said, price need to close below the 200 SMA (now at 1738 area) for the Sellers to take a breather.
Daily Time frame:
Market opened at 1775.43 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.
Fundamentals:
Medium Impact news for today is German IFO – Business Climate data coming up in the London session at 08:00 GMT.
High Impact news for today is U.S Durable Goods Orders coming up in the Newyork session at 12:30 GMT.
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