Commitments of Traders
USDCAD kept dropping like a stone. It had fallen over 800 pips since speculators reached extreme levels few weeks ago. READ IT HERE. There are still many shorts to be covered. The price is likely to drop further. My bias remains USDCAD short.
AUD rallied once again. The pair closed the week at the highest level since March 2017. Technicals suggest, the rally should continue towards 0.78 resistance. My long term bias is neutral but I am in a LONG POSITION with target at 0.7800. Seems like speculators getting caught on the wrong side of the market here.
Speculators covered 4K longs and 866 shorts. They were 114 contracts net short, first time since January this year. Given Qatar situation, I would expect smart money to reverse it and become net bullish once again in the next few weeks. Lets see...
As of this week speculators hold the most long positions ever and at the same time being 73K net long has not been seen since March 2011.The price collapsed from 1.49 to 1.22 in a space of 12 months.This time open interest suggests there is more upside yet to come. Given gradual increase in volume of contracts over the years, it is likely for an open interest to exceed 500K before the next reversal.( It was 450K last week)
EURUSD traded to the downside after forming a strong engulfing daily candle last week. The pair moved down towards the local support but gain the tracking again after dismal US data last Friday. Im bias is more and more bullish on Eur Futures - See more at: http://humbletraders.com/c-o-t-report-week-18-warning-specs-net-long-eur-all-time-high-net-short-in-cad/#sthash.WRJScj5e.dpuf
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