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Saturday April 21, 2018 - 18:46:19 GMT
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Commitment Of Traders Report for 17 April 2018 Data

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Forex trading is all about stops. The Commitment of Traders Report (COT) can be an imperfect, but often 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 are in large or small. Where and how large the stops may be is critical trading intelligence.

The data we monitor are the positioning of large traders who usually are thought of as the "smart money". These data usually may not correlate well with the the various retail trader statistics. Each set of data tells you different things about potential stops.

EUR symbol EURUSD net long positions continue to hold roughly steady above the old 100K ceiling as of Tuesday's close. Over the week the EURUSD has traded a well-worn range. The heavy blue line (once a week spots) provides a useful perspective on the support (or lack thereof) coming from the price action. It traded Friday through its 1.2260 recent low and closed below the psychological 1.2300line.

As the alternate reserve currency twin to the USD, keep in mind EUR positions are not just against the USD. EUR crosses vs. the JPY and GBP are critical. According to EZ PMIs, the European economy might be running out of steam.


EURUSD Commitment of Traders Chart

JPY symbol The market USDJPY longs (short JPY) have been completely eradicated. JPY open interest usually tracks the USDJPY exchange rate. Keep in mind that the JPY plays a special role as the financing currency for many long imvestment positions. The JPY is definitely being bought modestly whenever equity longs are unwound.


USDJPY Commitment of Traders Chart

GBP symbol Net GBPUSD long positions are buiding larger after having been unwound. The current market seems to revolve mostly around the EURGBP cross, news from Brexit negotiations, and Bank of England policies. A BOE rate hike had been priced in for May 10 until BOE Governor Carney threw cold water on those forecast on Thursday. Odds are a large number of GBP longs have been washed out.

GBP pairs are more sensitive than most to its domestic economic data. This characteristic makes it attractive to those of us who rely on active markets. We are also always keeping a close eye on the EURGBP cross as a barometer of flows in and out of the EUR. These flows often directly impact both units against the USD so it should always be watched by active traders.

GBPUSD Commitment of Traders Chart

 

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Actionable trading levels delivered LIVE to YOUR charts

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 27 May 2019
AAGB/US- Holiday
Tue 28 May 2019
A 14:00 US- Consumer Confidence
C 13:00 US- Case-Shiller
Wed 29 May 2019
A 08:55 DE- Employment
AA 18:00 US- BOC Decision
A 18:30 US- EIA Crude
Thu 30 Mar 2019
AAEZ/CH- Holiday
A 12:30 US- Weekly Jobless
Fri 31 Mar 2019
AA 10:00 EZ- Flash HICP
A 12:30 US- Personal Income, Spending, Deflator
AA 14:00 US- Final Univ of Michigan


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