The FX Market 29th Apr 2021This 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 28th April 2021 is currently above the pivot point, now at 1781.40.
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 (at 1763 zone), is currently holding as Bears were unable to break and close price below the zone.
Basically, the implication is, price is currently in a Ranging structure.
Sellers may want to push price below 1763 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 1788.39 area (Resistance 1).
Above 1788.39 area, the next resistance zone is 1795 zone (Resistance 2).
Sellers may continue to mount pressure on 1763 zone, and below is 1755 zone where we Support 2.
Technically, a Lower Low (1763) is now visible on the chart.
However, Bears will need to break the immediate Support zones first ( 1777 and 1769 areas).
It 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 1763 will give the Bears some level of hope.
That said, Bulls have already doubled the reinforcement below the 1763 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 (1777 zone) on the 1 hour time frame.
Bulls will now try, by all means to push price above the Nearest Resistance (1783 zone).
The 200 Simple Moving Average SMA is currently below price at the 1779 area.
Price hovering just above the 200 SMA is a source of concern for the Bears.
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 above the 50 SMA.
Daily Time frame:
Market opened at 1781.89 above the previous day pivot.
Bears may want to take advantage of this to push price downwards by the end of the day.
Technically, we currently have a Range market structure which is visible on the Daily chart.
We have a Bullish Pin Bar as the latest daily candle.
This implies that price may go up to the range top for now.
Medium Impact news for today is German Unemployment Rate data coming up in the London session at 07:55 GMT.
High Impact news for today is German Harmonized Index of Consumer Prices coming up in the Newyork session at 12:00 GMT.
Another High Impact news for today is U.S Gross Domestic Product Annualized coming up in the Newyork session at 12:30 GMT.
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