Today we are witnessing something very big. The institutions have put the #dollar in a range since the summer of last year and ever since then is has been stuck in this range.
Upon examining the #CFTC COT data it wasn't extremely apparent what the institutions had planned with this chart but the clues lied within other data, especially the $EURUSD. We detailed this on another journal entry we did which you can find here! What we discovered was that the #banks had plans to take the euro lower which would mean the dollar would head higher. This conclusion was aligned with what we were discovering about the weekly chart on the dollar.
On the April 5th edition of the #AraujoReport we outlined how we were anticipating this move higher and have positioned ourselves with our portfolio to profit as the move took place. See below for what we wrote:
Now today we have the weekly supply taken out as we expected.
So what does this mean heading forward? There is room for price to move higher but not without some obstacles that may come into play very soon. We'll be watching price closely and reporting the next moves in the latest reports.
Magic Trader
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