Monday Outlook - 3/2/2020

Gold:


Daily candle from Friday was stupid dropping almost 800 pips in one day, but it did leave a nice wick below before closing. Today's daily candle is indecisive at the moment with 8 hours left until close, but did touch my weekly level at 1611 so more bearish action might be possible on daily angles. H4 time frame showed a nice bounce off daily levels after the drop bottomed out, but just formed a nice bearish engulfing at the weekly level. M15 is still showing bullish momentum at the moment, currently retesting a higher low at 1596 with some bullish candles forming. Potential push bullish off of this level to 1604 levels and then drop based off what the daily and H4 time frames are telling me.

GBPJPY:

Daily time frame is currently hitting one of my weekly levels, but still showing some bearish momentum. My daily level at 135.29 looks a little more likely to have price react harder. Price reacted a little off of the weekly level for about 150 pips and then threw a massive bearish engulfing off of the EMA. Last H4 candle formed a doji off of the weekly level but also took out the lows from Sunday. Price on M15 did breath a little and broke minor structure, but that was a false move and price just recently broke structure again to the downside. Price is looking pretty bearish at the moment I just don't want to touch this right now since price is on a weekly level, but is showing bearish movement. I'll let price show me a move before getting into any trades.

AUDUSD:

Daily candles are forming very bullish with the last two candles throwing a wick to the downside and the next a massive bullish engulfing at the moment. However on H4 still very much bearish and sitting in a prime 61.8-78.6 zone with a plus 1 zone lining up perfectly. The last H4 candle threw a nice wick to the upside showing potential bearish momentum, but M15 is still making higher highs and higher lows. Until it breaks structure I am just monitoring price. My break has to happen around 0.6515 area. Price could potentially make one more push to the upside and hit 0.6580 level making a higher high and then come back down to break structure for more bearish action.