Based on the Commitments of Traders data reported on: July 6th 2021
#GOLD made a move higher this week from the lows.
Have a look at the weekly chart and we can see that area we had our eye on – the potential demand – has been taken out. This tells me that the supply higher up on the chart is important and so with that being understood it’s removal will be very important for longs, otherwise we may see this supply being used to drop price even further down the charts.
#OIL monthly supply has been removed and traders had to exit large portions of their short
positions for loses. Then price dropped as the banks took profits on longs.
Watching this monthly supply is the key thing we want to be focused on as we enter into the new week. Should it be removed it will be a BOG sign of things to come.
$EURUSD price contacted the weekly demand after dropping and traders got into more short positions.
Have a look where price contacted, it is the proximal line of the monthly demand zone. On the #Dollar we have the weekly supply being contacted on the charts.
This week I’ll be focused on watching these zones to see if the banks want to hold them and use them to propel price in the opposite direction or if they will remove them. Either one can happen at this point.
#USD Here’s the #USD chart to show you the move upwards that we got. This is exactly what we forecasted and the logic was dead on.
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