Based on the Commitments of Traders data reported on: January 28th 2020
📊 In the Markets: We have #gold speculators at a net long position of 330k which is the highest it has ever been. We have the #dollar reacting off the monthly demand zone and producing a momentum shift to the upside, we have the #coronovirus spreading fear around the globe with media outlets pushing forward the idea that the markets will react by dropping and we have the major pairs all showing signs of some big moves about to take place. You put these all together and they start to paint a clear picture of what is likely about
to come. We went through the charts in some detail this past week in a level two classroom session and again in the latest Forex Market Outlook session. Students if you haven’t watched it, please do as I also outlined the changes on the charts you’ll be noticing these days.
The markets are about to open and we currently are waiting for many alerts to trigger which will produce trading signals for us. We have the #aud pairs looking very good for a move lower and we have some of the #gbp pairs looking great for a continued move higher. Overall, we’ll be watching the #dollar for continued strength, although this week we see the potential for a continued move lower to the newly formed demand and then our expectation is we see a move higher form from there. This move will go perfectly with what we have also noticed on many of the other charts. So patience will play a significant role moving forward but then we should be heavily invested if our alerts get triggered. Buckle up!
🎩 Magic Trader!
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