August 25th 2019 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
The positions below represent the institutional positions held as of August 20th 2019!
📊 In the Markets: This past week we are seeing price play out in the markets just as we have expected. In fact we believe that momentum is just about to really kick in very soon. With respect to the #dollar we can see that price has hit a weekly supply zone which is located inside a monthly supply so the monthly force is in play. Whether we see a push higher to test the actual monthly supply zone is now the question. This past week we witnessed a daily momentum shift supply get hit and price dropped dramatically which tells me that the banks are shifting momentum at these higher timeframe supply zones. If we see price rally and take out this daily supply then I can tell you that the monthly supply will be the next target but if the weekly demand gets tested a second time and price breaks through it the what we have is the monthly force in play and price can make a move much lower. Considering the look of the other #dollar pairs this could be what will likely take place.
The #usdjpy will take full advantage of any #dollar weakness coming into play and it will remove its monthly demand zone and head lower. The #usdcad has already shifted its momentum to the downside with a weekly supply in play. The only thing on this chart is that we have higher timeframe demand in play and price will eventually want to move back upwards. The #usdchf again is in line with this downward force as well with a weekly down trend and momentum shifting on the monthly chart.
What does this mean for the #eurusd? When we look at its chart we can see that we have a weekly supply in play and room for price to move lower to hit it monthly demand but will it fall or will the dollar cause it to rally is the question. We can’t know for certain at this point. What we do know is the #gbpusd, #audusd and #nzdusd are due for some profit taking and we can see that they have begun this phase and it may lead to more momentum being built which will cause a rally and be fueled by a #dollar drop. The possibility is there, whether it happens now or later will be the real question and only time will tell but we have our evidence to suggest that the moves are coming.
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