Based on the Commitments of Traders data reported on: June 2nd 2020
📊 In the Markets: We are getting some really nice moves taking place on the charts. Most of the moves we had forecasted in the Araujo Report before they even took place. #Gold is starting is retracement downwards after spending some time at the highs, which we discussed many months ago. #OIL has rallied up to the 40’s which we outlined many times in previous reports and Market Outlook sessions. We forecasted a rally upwards when price was down in the 20’s. We see even more upside on the way before a big decline.
The #DOLLAR continues its ranging on the monthly chart as we wait for it to break out.
Something of particular mention is that price is contacting the monthly demand within the ranging that higher timeframe forces are suggesting a break out to the upside will likely take place. So we may just be seeing the lows for the #DOLLAR and when you combine that with what we are seeing on the #USDCAD and #USDJPY for instance, there is some confluence between the charts as they all seem to be lining up for a move higher. The #USDCAD has been a chart that we’ve been waiting for a drop to take place, we received that drop this past week and now we have areas where the institutions would like to start buying coming into contact. As for the #USDJPY we have always had a demand area in play but price was being held down by a powerful descending trend line until this recent week when price pushed upwards through it. I believe there is a strong chance we are seeing the start of a move higher form on all these charts, at least this is what the evidence is suggesting at this time.
The #AUDUSD rallied upwards, as we forecasted as well, and now we have higher timeframe forces, meant to push price lower, being contacted right now. Evidence suggests that this force will be removed and we’ll see higher prices very soon. Watching for now.
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