The FX Market 28th Apr 2021

This page will give readers daily forecast for Forex pairs for the day.

XAUUSD 1HR TF:

Gold is currently Ranging on the Daily time frame. Price close for 27th April 2021 is currently above the pivot point, now at 1776.63.
 
Resistance 3
1795.31
Resistance 2
1790.40
Resistance 1
1783.51
Pivot Point
1778.61
Support 1
1772.27
Support 2
1766.82
Support 3
1759.93

1hr time frame: 

Price is currently ranging and the top remains at the 1797 area on the 1 hr time frame.
Bottom of range is at 1763 area.
The defense by the Bulls (still 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.
Sellers 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.
Price is also forming Head and Shoulder pattern.
A break of the current high 1783 will take price to 1790 area.
Above 1790 area, the next resistance zone is 1795 zone (Resistance 3).
Sellers may continue to mount pressure on 1769 zone, and below is 1763 zone where we have lots of Bulls waiting to push price up.
Technically, a Lower Low (1769) is now visible on the chart.
This will be a source of concern to the Bulls if the Sellers push price below the Lower Low area.
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 1770 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 (1768 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 above price at the 1777 area.
Price hovering just below the 200 SMA is a source of concern for the Buyers.
XAUUSD 1hr 27th APR 2021

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. Price is currently sliding below the 50 SMA.

XAUUSD 4hr golden cross 27th APR 2021

Daily Time frame:

Market opened at 1776.92 below the previous day pivot.
Bulls may want to take advantage of this to push price upwards by the end of the day.
Technically, we currently have a Range market structure which is visible on the Daily chart.
XAUUSD DAILY 27th APR 2021

Fundamentals:

Medium Impact news for today is Swiss ZEW Survey coming up in the London session at 08:00 GMT.
High Impact news for today is Canada Retail Sales coming up in the Newyork session at 12:30 GMT.
Another High Impact news for today is ECB’s President Lagarde speech coming up in the Newyork session at 14:00 GMT.
Last High Impact news for today is U.S Fed Interest Rate Decision coming up in the Newyork session at 18:30 GMT.

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