Based on the Commitments of Traders data reported on: July 20th 2021
#GOLD making its way higher and then paused. Watching to see if the move continues this week. This is what would be needed if we are to reach the weekly supply.
#OIL dropped and then contacted the weekly demand zone within the weekly uptrend. Question is will this weekly trend hold and price continue higher?
$EURUSD the weekly demand is still holding for now. If the banks will hold this area then we’ll see a push upwards on the h4 chart to break it’s trend line and then a shift on the daily
chart to eventually remove the daily supply in the 1.21’s.
$AUDCAD traders are very long this pair now and price is declining.
It’s too bad we got the spike up in price that triggered the stop because price then declined and took out the monthly demand we’ve been expecting to have removed. Previously wrote => More downside
is expected from this evidence which suggests a weaker AUD over the CAD.
$GBPJPY deeper analysis concluded that there is no monthly supply that is in play which opens the chart for a move higher.
$USDCAD Price rallied upwards and when it’s too late to get into longs is when traders start getting into long positions.
Weekly supply was penetrated through but I think it was emotionally so I will consider this moving forward. Many other charts are showing the same dynamic taking place.
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