Speculators took profits this week. They covered 10.7K of their long positions and 8.1K of short positions. They were 46.6K net short, which was up from being 44K in the previous week. The speculative net positions are still trading above 33 weeks moving average and the bias should remain to the upside despite lower prices in EURUSD. As long as this is the case, any dips should be treated as an opportunity to buy EURUSD.
Speculators took profits this week. They covered ( closed ) 3.2K of their long positions and 1K of their shorts. They were 78K net short, which was more from 76K in the previous week. Currently I expect some more downside to play out. 1.20 could be reached in the next 1-3 months but from there we will most likely see a longer term bull market in GBPUSD.
No much change in AUD market. The speculators left their longs unchanged and covered another 1.4K of their short positions. This was the 7th week of short covering. In total, speculators covered 21K of their short AUD positions. Given the fact that speculative positions bottomed out 2-3 weeks go and the price action is clearly pushing up, I see this as a beginning of a large bull market in AUDUSD.
This week speculators were rather on the bearish side. They added fresh 5.4K short positions and only 1.2 long positions. This sentiment, however needs to be assessed together with the previous week. Two week ago, speculators covered 26K of their short positions and another 21K 4 weeks ago. In total, speculators covered 65K of their short positions in the last 9 weeks.
Speculators added 5K long positions and covered a whooping 18.3K of their shorts. They were 14K net shorts, which was significantly changed from 38K in the previous week. Speculators are clearly becoming CAD bullish ( USDCAD bearish ) It could trigger larger downside in this market.
Speculators shifted their sentiment to the bullish side of the market. This week they added 13K new long positions and, at the same time they covered 21K of their short positions. This made them be 52K net short, which was sharply less from 86K in the previous week. As I mentioned last week, I think the bottom is in place and more upside is to play out in this market. 1.25 could be next stop
Speculators turned bearish. This week they took profits and covered 8.2K of their long positions and 11.2K of their short positions. They were 45K net short, which was slightly down from being 47K net short in the previous week. As of last week, net speculative positions are trading below 33 weeks moving average, which suggests more significant downside to come in the next few weeks.
Speculators were right again, given the fact that the price collapsed ( as expected ) and the fact that they have been covering shorts in a big way in the last few weeks. This week’s adjustments were only minor. They covered 1.7K longs and 1.3K shorts. Net positions sat at 55.5K, insignificantly changed from the 55.1K in the previous week. More downside to come in USDJPY.
Similarly to EUR Futures, speculators were bearish on GBP. They covered 3.7K of their long positions and added a SIGNIFICANT amount of shorts ( 19.1K ) They were much more net short ( 26K ), compared to being 3.3K in the previous week. It seems like the recent collapse in GBP markets made speculators to load up on more shorts.
Speculators took profits this week. They covered 2K of their long positions and, at the same time they covered 13K of their shorts. They were 95K net short, down from being a record 106K in the previous week. It might be that the bottom in EURUSD is now formed and we might see a large push to the upside in the coming weeks.
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