Saturday May 6, 2017 - 11:14:08 GMT
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Amazing Trader And Commitment Of Traders EURUSD Ideas for 2 Mayl 2017 Data Register for the Amazing Trader
Amazing Trader charts are continuously updated to your system
Most trading is all about stops. The Commitment of Traders Report (COT) is an imperfect, but useful, "sampling" of market positioning. I would prefer more frequent and precise readings, but we have to live with what we get. The data work for the purpose of getting an idea if traders are positioned long or short and if they in big or small.
Markets continue to exit their EURUSD shorts. The EURUSD is poised soon to establish itself soon above the psychological 1.1000 line. Keep in mind that EUR positions are not just against the USD. EUR crosses vs. the JPY and GBP are undoubtedly significant. markets are increasingly aware that the European economy is improving and that will be a EUR positive as it continues.
The GBP tends to be highly sensitive to data, and that can be helpful to those of us who rely on active markets. U.K. data tend to be released in the mid-month period. As for the Commitment of Traders data, markets had been maintaining large GBPUSD shorts, but they are winding down. Stops are above the market, and like EURUSD 1.1000, GBPUSD 1.3000 is a key psychological benchmark. Keep an eye on the EURGBP cross as a barometer of flows in and out of the EUR. These flows often directly impact EURUSD.
The Bank of Japan recently held hold a floor under USDJPY. It cannot hold by itself if the USD starts to trade broadly lower against Europe. On the other hand, USDJPY tends to correlate positively with the yield on the U.S. 10-yr note and equity prices. Markets remain long USDJPY but those positions are declining.
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