Based on the Commitments of Traders data reported on: August 11th 2020
📊 In the Markets: The #EURUSD (1.1840) is holding the highs as I’ve mentioned in previous sessions, the idea is that price will hold these highs long enough to validate demand lower on the charts which will eventually make areas we want to enter in long. So far price is playing out as we would want to see. As for the #DOLLAR (93.10) we have the same dynamics in play, large move lower and now we are getting some consolidation on the higher timeframes. Break of the daily trend line and we’ll start to see a move higher for entry short.
As we can see with positions, short exposure is starting to build right now and this is the time when the momentum starts to build and eventually will become unstoppable.
As for #GOLD (1943) all-time highs were reached, banks are taking profits right now on their long positions. This comes after the #EURUSD hit some serious supply after reaching all time record amount of long positions held by the institutions. This is all tied into one another. These moves were predictable when you knew what to look for. As mentioned the #EURUSD has hit record long positions and now there is nowhere to go except take profits on those positions. And this will fuel a retracement in price. With this being said, the argument for #GOLD to drop further is a good one even though we’ve seen a dramatic drop this past week.
The market is setting up for some explosive moves and we have some trade signals already present and they have been noted here: https://www.whiteoakfx.com/forum/trade-signals. These are exciting times right now and we are ready and waiting to take advantage of the bigger moves that are coming!
🎩 Magic Trader!
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