July 29th 2019 - Institutional 🏦 Positions & Supply/Demand for Gold, Oil and the FOREX market
The positions below represent the institutional positions held as of July 23rd 2019!
📊 In the Markets: The dynamics of the markets have shifted this past week. Last week we had a situation where the #dollar created a weekly momentum shift supply zone but this zone was not support by a higher timeframe supply so we knew it was weaker. Nonetheless, we still needed to respect it and therefore could not make any solid judgements of what was to take place. Instead we sat and waited to see what would play out and what we saw was that this supply was removed. This adds to the many experiences we have witnessed where momentum shift zones when not support by higher timeframes, usually break through. Now that the weekly supply has been broken through it is now in the process of validating a weekly demand zone. The key here now is to wait and see if this new demand zone becomes valid. Reason for this is because the weekly chart has not been stable. It has not held any trends and has been removing zones and we need to see a stable chart in order to know that the institutions have a clear objective to move price in a certain direction.
Taking a look at the #dollars weekly chart we can see that there is weekly supply just ahead. Now what can play out is a scenario like this, price rallies up into the weekly supply, consolidates and then validates the newly formed weekly demand zone. Then price could drop to the weekly demand and then start to make a bigger move upwards from this area. This is all speculation but based on the current market dynamics, this is in our view a very probably scenario.
There are some trade signals that have been produced on the other pairs which strengthens the idea of the #dollar strength continuing. I will be posting these signals on the Trades on Watch portion of the forum. These signals have been produced on the #audusd and #nzdusd so be on the lookout for them.
Overall, we’ve been patient and we will be rewarded for our patience. The markets don’t give to those that think they know what will happen, only to those that know with a high degree of certainty what will take place based on waiting for the right signals to be presented!
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