Based on the Commitments of Traders data reported on: October 20th 2020
📊 In the Markets: Going back to the #EURUSD we can see that price remains at the highs for now. Looking into the lower timeframe charts like the daily we can see that an ascending structure is being formed but the institutions have not yet actually created an uptrend. Knowing this lets us understand the context that this market is moving within. We could see
price rally from here or start its drop, very difficult to know right now but we do know that there is no threat of price moving much higher from current level as it stands right now.
Then we look at the #DOLLAR and the same thing is true from looking at its chart. There is no significant threat of price moving much lower from current levels. In fact when you also look at the #USDCAD it is already displaying signs of a move higher in the works. When you correlate the two charts it would lead one to suspect the dollar has a move higher that we should expect.
The #AUDUSD is stuck in a range at the moment and we are waiting for it to break through for momentum to kick in. The Aussie pairs don’t lend much to discovering the next moves we should expect. Same thing goes for the #GBPUSD as we can see no trends and only a weekly demand in play which the force is under question at the moment. Upward momentum has been played out.
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