Saturday May 20, 2017 - 16:17:31 GMT
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Amazing Trader And Commitment Of Traders EURUSD Ideas for 16 May 2017 Data Register To Test Your Amazing Trader
Forex 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 EURUSD have flipped long. In the latest week, the EURUSD trade above but finally established itself above the psychological 1.1000 line and by Friday's close was above 1.1200. Keep in mind, 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 and are continuing to wind them down. Stops are above the market, and like EURUSD 1.1000, GBPUSD 1.3000 has been a key psychological benchmark. It finally was decisively breached last Thursday. The next obvious big figure level in GBPUSD is 1.3500. Also keep an eye on the EURGBP cross as a barometer of flows in and out of the EUR. These flows often directly impact EURUSD.
In April, the Bank of Japan held a floor under USDJPY at 108.00. If the USDJPY starts to slide again, don't be surprised to see them support the pair via indirect means. We might have seen them last week in at the 110.00 area. USDJPY tends to correlate positively with the yield on the U.S. 10-yr note yields and equity prices. COT positions remain long USDJPY.
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