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March 22, 2021

Trade Ideas Today: AUD/CAD, Gold, SPX500

Frank Cabibi

AC, Stocks, Gold Rebound After Falling Yields
3/22/2021

AUD/CAD Analysis
AC this week makes a significant bounce back up to resistance on the 4H chart and breaking a big falling trendline. Unemployment numbers last week were better than expected as big money started moving into this pair.
Gold Analysis
Gold on the 4H chart showing a formation of a new rising trend line as price has tested this line 3 times. Gold is starting to look promising to the bulls now that we see a steady uptrend from lows from 2020. One thing to look for is the resistance level around 1740s paired with the 200 SMA on the 4H chart. A break in this level could cause a lot of momentum to the upside. If not, price could find support on the rising trend line.
SPX500 Analysis
Treasury yields fell today from a high of 1.72% to 1.68% which caused stocks to rise once again. Here on the 1D chart, the SPX500 bounced off some support in the high 3800s, but is tested by the highs again. That all time high is also serving as a higher high, breaking the potential wedge formation that could've been formed by a lower high, so it seems that price wants to continue its uptrend and possibly hit another high.

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