Wednesday Outlook - 3/4/2020

Gold:



Gold Daily price closed insanely bullish yesterday after the massive sell off on Friday. Price has come back into the daily supply level where price originally fell off. Price on the H4 time frame is respecting this level at the moment with 5 candles respecting and closing below that level. Price is also formed a downtrend with an uptrend structure forming LH, LL, LH, LL and coming back into the LH area while respecting the daily level. Lower time frames are not showing me anything but consolidation at the moment so i will wait until price shows me a direction on M15 before entering.

GBPJPY:

Daily price movement this week has opened with a nice gap down, but closed the gap and closed with a nice wick to the upside after opening below the weekly demand level. Price yesterday threw a bearish engulfing candle that closed below the weekly level. Price seems to be heading even more south, potentially to the daily level at 135.30. on H4 price is consolidating on the Weekly level respecting the level with no firm candle closing 100% below. Wicks are being thrown to the upside off of the EMA making lower highs almost like an ascending triangle. H1 is showing lower highs and lower lows as well as a trend line that has been respected 3-4 times and recently threw a hammer off of the trend line with an EMA crossover. M30 just broke out of a consolidation range to the downside and respected 137.68 with wicks and bodies never closing above that level of resistance. M15 just formed a double top with divergence off of the H1 trend line with an engulfing and EMA crossover - almost perfect sell entry.

AUDUSD:

Daily AU closed out with a massive wick to the upside after a massive move of over 100 pips. That wick respected and closed below the daily supply level. H4 time frame has respected the Daily level and wicked off of the level the past 4 candles and the current H4 candle is respecting so far with 20 minutes left until close. H4 is also respecting the weekly demand level below as well as trading above the EMA. Dropping down to the M15 time frame price seems a little choppy, but price has bounced exactly off of 0.6615 3 times and is struggling to break that level which happens to line up within pips of the daily level. The last M5 candle that bounced off of this level formed a bearish engulfing signaling a bearish move. With momentum stalling on higher timeframes and this respecting on lower time frames I see price coming down into at least the 0.65815 weekly levels, if not further.