Daily Technical analysis for April 26, 2021petar skakalov
Current level – 1.2105
The pair has successfully breached the resistance zone at around 1.2040 and the forecasts for further gains remain valid. Any pullbacks should remain limited by the zone of the breach, with the first target being found at 1.2170, followed by the one at 1.2240. This week, investors’ focus would fall on the FOMC interest rate decision, scheduled for this Wednesday at 18:00 GMT.
Current level – 107.75
The support at around 108.00 was breached and the attempt of the bulls to enter the market at the support of around 107.50 was insufficient to lift the market. There is a high chance for 107.50 to be re-tested and, if this level is breached, the sell-off could continue towards 106.00. On Tuesday morning (03:00 GMT), the Bank of Japan will announce its interest rate decision. No major change in the bank’’s policy is expected as of yet and so there shouldn’t be any major change in the current trend.
Current level – 1.3892
The bulls found support at around 1.3834 and the pullback seems to be over for the time being. The expectations are for a renewal of the rally and for a charge of the resistance zones at 1.3920 and 1.3990. If the latter is breached, more buyers are likely to step into the market and push the prices higher, with a chance of testing the level of 1.4140.
Gold price tests the channel’s support line
Gold price tests the bullish channel’s support line, and the EMA50 meets this support line to add more strength to it, while stochastic moves at the oversold areas.
Therefore, we will keep our bullish overview conditioned by the price stability above 1765.00, reminding you that our waited targets begin at 1800.00 and extend to 1838.00.
The expected trading range for today is between 1760.00 support and 1800.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis