The positions below represent the institutional positions held as of June 18th 2019!
📊 In the Markets: The markets continue to present difficult situations to determine destinations. Our analysis spotted the profit taking on the #dollar pairs and the result of that being a drop in the charts and this is exactly what has played out. This past week we’ve see the ascending structure on the dollar come under attack and on the monthly chart we have a bearish engulfing being created. Should price close at these lows it could mean that we might see price decline much further. We covered these situation in depth on the latest #forex market outlook video last week and discussed a potential for the $eurusd to rally as the dollar dropped. We also took a look at the $gbpusd and $audusd among the many other pairs and what we observed is evidence to suggest a rally is what is expected. What we also revealed is that this rally will be limited since higher time frame supply is located higher in the charts.
This past week’s data brings us more clarity in terms of what the #institutions are doing as recently we had contract expirations and we could see some discrepancies in the positions. As mentioned, this week’s data makes things a bit more clear. We see some very aggressive positions on some of the pairs which suggest profit taking is about to begin and what looks very possible is that the profit taking was led by the #dollar pairs and now being taken over by the others. We mentioned this a while back in one of the reports saying that it was likely that the #dollar pairs would lead the markets in the months to come and this is actually what is taking place right now.
I will be patient and put time in my hands because if this dollar drop and euro rally forms, it will present a new opportunity to engage in these markets with a larger potential than what we previously expected from this year!
🎩 Magic Trader!
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👇📺🚨 Here was last weeks video provided to members 🚨📺👇