Saturday May 13, 2017 - 11:52:25 GMT
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Amazing Trader And Commitment Of Traders EURUSD Ideas for 9 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 continue to exit their EURUSD shorts and now finally have flipped long. In the latest week, the EURUSD traded above but failed to establish itself above the psychological 1.1000 line after the French Presidential election. 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, but they are quickly winding them 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. If the USDJPY starts to slide again, don't be surprised ti see them support the pair via indirect means. On the other hand, USDJPY tends to correlate positively with the yield on the U.S. 10-yr note yields and equity prices. Markets remain long USDJPY but those positions being wound down (see COT chart).
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