Based on the Commitments of Traders data reported on: August 17th 2021
#GOLD Still holding the monthly demand zone and now rallying upward very aggressively. A new downtrend has been formed on the daily chart which is significant because should the supply hold at 1804 then we could expect more downside which could lead to the monthly demand being removed BUT should it be removed we will receive a daily momentum shift upwards potentially forming.
On the 3 month chart, we have always mentioned how we had a 3 month bearish engulf that was formed and that we should keep an eye on that. Why? Because bearish engulfs typically
signal a bearish move until a demand is contacted and with this chart only a switch zone was contacted.
#OIL Weekly trend line broke but no opposing demand removed yet, this spells weakness for a move lower to take place. As long as this demand holds we could get a move upwards begin to form. Watching this zone for now.
$EURUSD The weekly demand has now been taken out. Taking a look at the daily chart and you can see price has broken through demand
in a proportional way. This has created supply on the daily chart now and we are waiting to see if supply will be formed on the weekly.
Retail traders switched their short positions to now being majorly long.
#USD Looks like NFP was used to lure retail traders in long the dollar only to reverse price lower and shake those longs out. Traders are now short the dollar as price rallies and removes the weekly supply. Watching to see what happens next
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