Expecting Short/Mid term ♻️ Reversals this Week!
Based on the Commitments of Traders data reported on: June 29th 2021
#GOLD made a move lower this past week and created supply on the chart. The retail traders are still holding mostly long positions at this point.
Have a look at the weekly chart and we can see that area we had our eye on – the potential demand – has been taken out. This tells me that the supply higher up on the char is
important and so with that being understood it’s removal will be very important for longs, otherwise we may see this supply being used to drop price even further down the charts.
#OIL rallied up very strong and traders started getting in long as they chased price. As we’ve said, getting in now is not the right time as price can do just about anything.
Watching this monthly supply is the key thing we want to be focused on as we enter into the new week. Should it be removed it will be a BOG sign of things to come.
JUNE 27th : Currently we have the monthly supply coming into play but when I examine why this supply is supply, it leads me down a path of many switch zones which then makes we consider the legitimacy of the supply in question. I want to point this out because I will be considering this going forward as I continue to analyze this chart.
$EURUSD price dropped even further as we had forecasted and now it made contact with the monthly demand zone once again. Traders are now opening long positions from the lows.
Take a look at the positions held by traders before and now.
Have a look where price contacted, it is the proximal line of the monthly demand zone. On the #Dollar we have the weekly supply being contacted on the charts.
This week I’ll be focused on watching these zones to see if the banks want to hold them and use them to propel price in the opposite direction or if they will remove them. Either one can happen at this point.
#USD Here’s the #USD chart to show you the move upwards that we got. This is exactly what we forecasted and the logic was dead on.
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