Market Analysis 3-7 April 2023

XAUUSD Analysis 3 – 7 April 2023

The gold price trend can be viewed both positively and negatively in the short and medium term. As the closing of the Doji bar and last week’s sell pressure bar indicate market hesitation. Although the previous week, gold has had strong buying momentum and has continued since the beginning of March.

But even so, the gold price has not yet clearly shown strong selling momentum. In addition, last week’s closing of the Doji bar and selling pressure bar was a close of the candlestick above the 1960 support, the latest high of gold prices on the Weekly timeframe level, so it can be expected that the price of gold will still hold. Opportunity to rise to test resistance 2070, which is an important resistance in the weekly timeframe level or the price that gold has ever done the most in history.

And in the event that gold prices cannot continue to rise A retracement to support at the time frame level of 1880 is the next target to watch. But regardless of whether the price will rise or fall Short-term forecasts on the time frame day can be seen as the possibility of a sideways or consolidation between the 1960 support and the 2000 resistance until the price direction is clear.

AUDUSD Analysis 3 – 7 April 2023

The AUDUSD price sideways and swings within the 0.67750 resistance and 0.6560 support levels as seen from the H4 timeframe and Daytime timeframe. Also, last week’s close on the Weekly timeframe level has wicked as much as half of the candle even when it closed with a buying bar. The buying momentum of the price is not yet clearly seen compared to the selling momentum.

forecasting that price May have a more negative direction. As the price of AUDUSD continues to be in a downtrend in both the short and medium term. Therefore, the correction to further down is very eye-catching, especially the 0.6560 time frame support is expected to be the next target for the AUDUSD price.

EURUSD Analysis 3 – 7 April 2023

The EURUSD has started to lose buying momentum noticeably as the weekly and previous weekly timeframes have dipped as much as half of the candlestick. (Significantly) as last week’s closing price was lower than last week’s high. After rising to test the timeframe resistance 1.08800. Then it broke up to the price level of 1.09300, which was the price that could move up the most last week. Before there was a continuous sell down like this for two weeks in a row.

forecasting that price May have both upward direction (but probably not much) and a downtrend in the medium term like time frame day. Due to the loss of buying momentum over the past week and the previous week, the trend of the price has become less pronounced. The important price line to watch in the day frame is support 1.05250 (latest low) and resistance 1.08800 (latest high).