Based on the Commitments of Traders data reported on: September 22nd 2020
📊 In the Markets: Big retracements took place in the markets this past week, exactly as we had forecasted. #GOLD is on its way down to some major demand where we see great opportunity to get in long again. #OIL has reacted from supply, dropped and then began a rally which is exactly as we forecasted many months ago. We have located major supply higher up the charts and also have determined with high probability that the dynamic
playing out right now is most likely going to facilitate a move higher to reach these higher timeframe supply forces.
The #DOLLAR and the #EURUSD are both hitting areas of demand/supply that we recently located in a level 3 session. We may see price stall out at the current levels but what is more likely is we’ll see the retracements that began last week continue on in the days/weeks to come. The #USDCAD on the other hand has a different dynamic in play right now, major demand is currently pushing up on price and it’s significant. We still would expect it to follow the #Dollars lead in weakness but there may be delays in momentum because of this force to the upside.
The #GBPUSD has come into contact with the weekly demand zone technically, so we could see it start a move higher or we could see a push even lower to allow the other currency pairs to make their full retracements before the big reversals take place. Watching for now and getting ready to pull the triggers!
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