Based on the Commitments of Traders data reported on: March 24th 2020
📊 In the Markets: We had massive spikes in price on the #dollar and the #eurusd recently and as we’ve seen so many times, what ends up happening is that price came right back to where it was before the moves an is settling down. We can safely expect price to continue with what it was about to do before all the volatility came in. With respect to #gold, a 3 month secondary supply is in play and we did not receive the momentum shift on the weekly chart we’ve been waiting for. What we have is a massive bearish engulf that was created but
this is not good enough. SHERLOCK suggests we wait on the sidelines until something more concrete takes place on the charts.
The #dollar is another one that spiked and then came back to where it started. As we detailed in the analysis further in this report, the dollar is playing though a monthly cycle right now and trying to get involved with this pair on a lower timeframe would be like sticking your finger in a moving fan and hoping it’ll stop before your fingers get cut. Not a good idea. SHERLOCK suggests we wait for the cycle to play out and eventually give us a direction to trade with.
When we examine the others pairs, we can see that the reversals we were expecting last week, came through. The #gbpusd still has demand in play as well as the #audusd and #nzdusd, so how much of a factor does this play when it comes to the rest of the markets!? #Oil is hitting demand, #usdcad is hitting supply. These are all very big areas of buying/selling that are coming into play. The best thing for us to do right now is to hold off and see how the #dollar and #gold play out as this will be the key factor that will dictate what we can expect with the other markets.
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