Forex Trading Technical Analysis for April 6th 2021
By Dorin D
Published On April 6, 2021
Technical Analysis (XAUUSD)
The price of gold (6th of April) was around 1728.1 USD/Ounce early today. Under 1-hour-chart technical analysis, the candlestick skyrocketed after fluctuating slightly in the swing high yesterday (5th). It is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to continue rebounding.
Currently, the short-swing upper resistance level lies between 1744.0~1746.0. The current support level lies between 1720.0~1722.0. Investors who wish to go long could consider buying between 1732.0~1734.0 in the short-term and setting the stop loss below 1728.0.
Technical Analysis (EURUSD):
The price of EUR/USD (6th of April) was around 1.18123 early today. Under 1-hour-chart technical analysis, the candlestick rebounded sharply yesterday (5th). It is currently fluctuating above the middle Bollinger Band, so it is likely to pull back from high.
Currently, the short-swing upper resistance level lies between 1.18200~1.18300. The current support level lies between 1.17800~1.17900. Investors who wish to sell short could consider selling between 1.18100~1.18200 in the short-term and setting the stop loss above 1.18300.
Technical Analysis (GBPUSD):
The price of GBP/USD (6th of April) was around 1.39044 early today. Under 1-hour-chart technical analysis, it rebounded sharply after the pullback yesterday (5th). The candlestick is currently fluctuating slightly in the swing high after the surge, so it is likely to pullback from high.
Currently, the short-swing upper resistance level lies between 1.39150~1.39250. The current support level lies between 1.38500~1.38600. Investors who wish to sell short could consider selling between 1.39000~1.39080 in the short-term and setting the stop loss above 1.39150.
Technical Analysis (AUDUSD):
The price of AUD/USD (6th of April) was around 0.76506 early today. Under 1-hour-chart technical analysis, it rebounded again after the pullback yesterday (5th). The candlestick is currently dropping below the lower middle Bollinger Band. The bands are facing downwards, so it is likely to continue dropping.
Currently, the short-swing upper resistance level lies between 0.76600~0.76650. The current support level lies between 0.76150~0.76200. Investors who wish to sell short could consider selling between 0.76450~0.76500 in the short-term and setting the stop loss above 0.76580.
Technical Analysis (USOUSD):
The price of USO/USD (6th of April) was around 58.76 this morning. Under 1-hour-chart technical analysis, it pulled back sharply after fluctuated dramatically yesterday (5th). The candlestick is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to continue falling.
Currently, the short-swing upper resistance level lies between 60.60~60.70. The current support level lies between 57.40~57.50. Investors who wish to sell short could consider selling between 59.60~59.80 in the short-term and setting the stop loss above 60.10.
Technical Analysis (Nas100):
The NASDAQ (6th of April) was around 13614.9 this morning. Under 1-hour-chart technical analysis, the candlestick rose sharply yesterday (5th). It is currently fluctuating slightly after the surge, so it is likely to pullback from high.
Currently, the short-swing upper resistance level lies between 13660.0~13690.0. The current support level lies between 13350.0~13380.0. Investors who wish to sell short could consider selling between 13610.0~13630.0 in the short-term and setting the stop loss above 13660.0.
Economic Calendar (6th of April)
(Source: uk.investing.com: https://uk.investing.com/economic-calendar/)
| Time | Currency | Data | Importance | |
| 1. | 02:45 | CHY | Caixin Services PMI (Mar) | ★★ |
| 2. | 05:30 | AUS | RBA Rate Statement | ★★★ |
| 3. | 05:30 | AUS | RBA Interest Rate Decision (Apr) | ★★★ |
| 4. | 09:30 | EUR | Sentix Investor Confidence (Apr) | ★ |
| 5. | 10:00 | EUR | Unemployment Rate (Feb) | ★★ |
(Importance: maximum three stars★★★)
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