Gold, CADCHF, GBPAUD, GBPCAD Outlook 24/03/20

Gold

Daily:

Hourly:

Some interesting areas in Gold….

There are two trades I have orders in for, a long and a short.

Long

Setup: Bid if past ATR

Level: 1508.41

Notes: After we’ve bounced from the daily level 1486.78, accepted above, I believe this is a good area to be a buyer for a small bounce.

Short

Setup: Offered if past ATR

Level: 1632.55

Notes: Lots of old support, now flipped and it’s way past ATR today. Looking to sell a rally and buy back at the next downside level.

CADCHF

Weekly:

4 Hourly:

Setup: Bid blue area on a breakout and acceptance above area

Level: 0.6885-6924

Notes: Huge weekly hammer which has faked out a weekly level. I want to see this breakout to confirm the hammer.

Full disclosure I’m currently long from the lower white line, stop at the cross. This is an aggressive entry into the trade. This trade is also at half my usual risk due to another open position in GBPCAD. I’ll cut this position if we get an H4 close below the current swing low, as it will mean I’m trapped on the wrong side of the level.

GBPAUD

Daily:

Setup: Short on D1 close through upper orange area

Level: 1.9670

Notes: If we get a daily close below 1.9640 I’ll offer the level just above it. If we get a strong close through here I believe we can run down to 1.9290.

This trade will again be at half my usual risk due to my current GBPCAD position.