Based on the Commitments of Traders data reported on: May 18th 2021
#GOLD broke to the upside and moved away from the lower dimension we were pointing out over the last few weeks. During this process an h4 demand zone was formed on the break of the trend line and was used to facilitate a move higher in price. This is looking good BUT we still don’t have an uptrend which makes this structure weak and not good for entering into longer term long trades. We may get some pullbacks this week as we were speaking about it in our level 3 session. #OIL saw some downside this past week. We were speculating that we could potentially see the situation in the Middle East be used as a way to get traders into buying oil when the
banks would want to start taking profits on longs and this is what took place when we examine the data. $AUDCAD there is a very good chance we see more downside on this pair. We were in short at one point and closed our positions for profits and now we are seeing the momentum kick back in. Once 93’s are taken out this one can move quickly lower towards the 90’s and beyond. $EURUSD I want to be careful with this one, price is at the highs and we are seeing evidence to suggest that retracements might be taking place this coming week. When we look at the data we can see that the long positions are getting aggressive and shorts have been steadily increasing as well. I’d like to know why they are adding shorts at this stage. I can speculate why but I want the charts to tell me. $EURJPY I am invested long on this chart. Signal to long was produced and I entered into a starter position with the understanding that price could decline and give me better entries lower. Targets are higher up and I’m ready to hold this one for a while. $GBPJPY I’ll be watching this chart and waiting to see if the monthly supply started to be eaten up and begin to produce chart signals to go in long. Monthly chart in a range for now so could take some time. $USDCAD watching to see if we get a rally in price to be able to get in some more short positions from higher up. The school portfolio does not have any shorts currently open.
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