The FX Market 30th Apr 2021This page will give readers daily access to free forecast for Forex pairs for the day.
XAUUSD 1HR TF:
Gold is currently Ranging (Seven Days of Range) on the Daily time frame.
Price close for 29th April 2021 is currently below the pivot point, now at 1772.21.
1hr time frame:
Price is currently ranging for seven days, and the top remains at the 1797 area on the 1 hr time frame.
Bottom of range is now at 1756 area.
The defense by the Bulls (at 1756 zone), is currently holding as Sellers 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 1756 area in order to achieve a full break of the current Ranging 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 1777 will take price to 1783.70 area and later, 1789.37 (Resistance 1).
Above 1789.37 area, the next resistance zone is 1806.53 zone (Resistance 2).
Sellers may continue to mount pressure on 1756 zone, and below is 1738.95 zone where we have Support 2.
Technically, a Lower Low area (1756) is now visible on the chart.
However, Bears will need to break the immediate Support zones first ( 1769 and 1763 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 1756 will give the Bears some level of hope.
That said, Bulls have already doubled the reinforcement below the 1756 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 the Nearest Resistance (1777 zone).
The 200 Simple Moving Average SMA is currently above price at the 1779 area.
Price sliding below 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. Price is currently below the 50 SMA.
Daily Time frame:
Market opened at 1772.54 just slightly 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.
We have a Bearish Engulfing Bar as the latest daily candle.
This implies that price may slide down at the start of Day before going up towards the Daily High price before the end of the day.
High Impact news for today is German Gross Domestic Product data coming up in the London session at 08:00 GMT.
Another High Impact news for today is Eurozone Gross Domestic Product data coming up in the London session at 09:00 GMT.
Medium Impact news for today is Canada Gross Domestic Product data coming up in the Newyork session at 12:30 GMT.
Another Medium Impact news for today is U.S Chicago Purchasing Managers’ Index coming up in the Newyork session at 13:45 GMT.
Last Medium Impact news for today is U.S Michigan Consumer Sentiment Index coming up in the Newyork session at 14:00 GMT.
Check Out XAUUSD Forecast For 29th April 2021:
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