The FX Market 27th Apr 2021This page will give you possible forecast for Forex pairs for the day.
XAUUSD 1HR TF:
Gold is currently Ranging on the Daily time frame. Price close for 26th April 2021 is currently above the pivot point, now at 1781.43.
1hr time frame:
Price is currently ranging and the top is 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.
Range structure is quite intact on the 1 hour time frame. A break of the current high 1779 will take price to 1781 area.
Above 1786 area, the next resistance zone is 1792 zone, and above this is 1801 (Resistance 3).
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 1773 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.
Daily Time frame:
Market opened at 1781.22 above the previous day pivot.
Bears 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 U.S Housing Price Index coming up in the Newyork session at 13:00 GMT.
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