July 20th 2020 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
Based on the Commitments of Traders data reported on: July 14th 2020
📊 In the Markets: We are starting to see a consensus with the data and the chart dynamics. In last Friday’s Level 3 session we took a deep look at the #DOLLAR and examined the latest positions and what was likely to take place in the coming months. When you review the FULL REPORT you’ll begin to see that on the #AUDUSD for instance, price rallied up hard and we currently have a weekly supply in play and as price is consolidating at this supply we can see that the institutions are building a larger long position. Long positions are well above their average size and they may well be this way because of the massive rally we experienced
since March but at about this time we’d expect to see them start taking profits UNLESS they had other plans…. like taking price higher.
The #EURUSD is also showing signs of a long position being accumulated and this is coming at a point on the charts we’d expect to see profit taking began to form. This is not the case and it may be that it’s too early for this right now but we need to be aware of this because it just might be the start of something really big. Across the board the total size of the institutions positions are not that large, meaning that this could be the very start of some BIG MOVES. We’ll continue to monitor the situation and post the moves the institutions make with price on the OBSERVATION JOURNALS.
For now, let’s continue to keep an eye on the #DOLLAR as well for a continued move lower. A few pairs are setting up for some trades and I am waiting for alerts to be triggered to produce some trading signals.
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