📊 In the Markets: There’s a lot taking place in the markets lately, we have #gold that has made a very important move taking out a key zone we had mapped out. With the removal of this key zone, it has now become apparent that the momentum has shifted downwards on the charts. With this shift, we can safely expect more to come. This would heavily rely on the help of the #dollar after it dropped from the monthly are of supply and right into the weekly demand zone that we had mapped out and market dynamics suggests will hold price. If this weekly demand holds, we will most definitely see more downside on #gold but down side will be limited and there is one specific spot we are watching for the reversal.
The #audusd has been holding bearish for some time now; weekly descending trend line has been hit within a supply area, so both these forces came into play the last couple weeks. What takes place from here is what we are watching. If we were to see the weekly demand hold on the #dollar, then we are expecting to see more downside on this chart. We would also expect the same from the #nzdusd, as it’s chart has a weekly supply area also in play and the monthly demand that has been holding price up all this time, has been penetrated very deep and another drive lower will surely cause its removal.
The #gbpusd on the other hand is a different beast altogether. Reason for this is because we are seeing something different form on this chart than what we see on the other major pairs. On this chart we are seeing strong signs of momentum building to the upside. Both monthly and weekly supply areas have been removed, why is this? Why are they removing supply if they had plans to drop price and we’ve seen them take massive profits on their short positions, much more so than what we’ve seen with the other pairs. They are only slightly aggressive with their shorts and could start amassing a strong long position at any time.
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