Based on the Commitments of Traders data reported on: December 8th 2020
📊 In the Markets: #GOLD has contacted the monthly demand zone we have had mapped out for some time now. Our analysis forecasted a move down to contact this demand and this has taken place, we also forecasted a move higher in the #EURUSD to hit the 1.21 target and this has happened as well. When we try to determine what we should expect next we have to take into consideration that we now have monthly supply in play on the #EURUSD
and cannot discount this. We should expect some sort of reaction to the downside but the question is how much of a drop, if any, will take place from this area.
The #AUDUSD is strong and we are seeing no reason to believe this upside pressure will come to an end any time soon. Monthly supply has been tested and now we are getting a bigger rally upwards into it again. The weekly chart played a key role in knowing what direction momentum would be when we saw that supply zone removed. We detailed this in our observation journals.
We are seeing the same thing happen with the #NZDUSD and its strength as well. Monthly supply has been removed so the pressure will be upwards until a major momentum shift downwards takes place and that is far from happening right now. We have a trade signal on the #EURJPY and soon we’ll have others. The #GBPUSD also looks very close to blasting upwards, so keep an eye on it!
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