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A1 Trading
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The dollar looks incredibly strong right now as a result of higher CPI y/y and unchanged CPI m/m. On the EdgeFinder, the pair is ranked at a -9 "Very Bearish" reading. Lots of factors outside the US go into this play for those looking to short. Technicals are strongly opposing any sign of upside. Retail positioning is also long in the majority and COT is more net bullish dollar.
However, RBA meeting minutes and inflation news comes out this week. So, we will get some insight on what Australia's central bank plans to do for the Aussie going forward. In addition to that, wages are expected to rise, thus causing a hinderance on the target goal for 2% inflation. We will see if the RBA will continue to hike rates with concerningly high inflation numbers at 6%.
- Frank
However, RBA meeting minutes and inflation news comes out this week. So, we will get some insight on what Australia's central bank plans to do for the Aussie going forward. In addition to that, wages are expected to rise, thus causing a hinderance on the target goal for 2% inflation. We will see if the RBA will continue to hike rates with concerningly high inflation numbers at 6%.
- Frank
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Gold selling off nicely in Pre-Asian session
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What we see now is oil being the most bought asset on the EdgeFinder. With an increase of over 15k long contracts. The SPX500 saw not only a jump in long contracts, but shorts are getting covered as well. AUD is also net long on a positional bias this week in term of weekly change. Meanwhile, the dollar looks to be losing its grip in term of demand.
- Frank
- Frank
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Profits taken on XAUUSD! - Nick
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SPX500
The stock market is still under a lot of inflationary pressure in the US. Meanwhile, China’s figures came out suggesting slowing in the economy putting further pressure on the markets. The US beat expectations on retail sales which is mixed for the stock market. Price is still above a trend line on the 1D timeframe meaning that buyers keep stepping in to keep price from running lower. As long as price stays above this level, it seems that there is a chance for higher moves on index.
- Frank
The stock market is still under a lot of inflationary pressure in the US. Meanwhile, China’s figures came out suggesting slowing in the economy putting further pressure on the markets. The US beat expectations on retail sales which is mixed for the stock market. Price is still above a trend line on the 1D timeframe meaning that buyers keep stepping in to keep price from running lower. As long as price stays above this level, it seems that there is a chance for higher moves on index.
- Frank
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USD/JPY
UJ breaks to higher levels on the 1D timeframe, but is slightly in the red for the day. Recent economic news in the US is a mixed bag in terms of sentiment. However, if price can hold above the recent high it broke, UJ continues to look bullish. If not, price could come down to test lower levels around 143.9 or the rising trend line.
- Frank
UJ breaks to higher levels on the 1D timeframe, but is slightly in the red for the day. Recent economic news in the US is a mixed bag in terms of sentiment. However, if price can hold above the recent high it broke, UJ continues to look bullish. If not, price could come down to test lower levels around 143.9 or the rising trend line.
- Frank
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CAD/JPY
CADJPY pulls back after higher than expected CPI numbers. Because the market reacted poorly to this news initially does not necessarily mean that the pair is now bearish. In fact, it could prompt the BOC to look further into monetary policy and act more aggressively in fighting inflation. On the 4H timeframe, there are a few potential setups to the long side. Price is currently on a trend line support level, under that is a demand zone at 107.5s. And below that is another rising trend line.
CADJPY pulls back after higher than expected CPI numbers. Because the market reacted poorly to this news initially does not necessarily mean that the pair is now bearish. In fact, it could prompt the BOC to look further into monetary policy and act more aggressively in fighting inflation. On the 4H timeframe, there are a few potential setups to the long side. Price is currently on a trend line support level, under that is a demand zone at 107.5s. And below that is another rising trend line.
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USOil
Oil prices are still under pressure from China economy worries. However, there are some interesting data on the commodity side of COT that could suggest otherwise. As prices fall, it appears that smart money is buying up this asset for the long haul. For the past several weeks, oil has gotten a more bullish reading. The Positional Bias chart displays the net positions on a week-to-week scale. This means that institutions are grabbing up more long contracts than they are short. As price tests a trend line on the 1D timeframe, it starts to reject the lows of the day. A close above the trend line with this rejection could suggest higher oil prices soon.
-Frank
Oil prices are still under pressure from China economy worries. However, there are some interesting data on the commodity side of COT that could suggest otherwise. As prices fall, it appears that smart money is buying up this asset for the long haul. For the past several weeks, oil has gotten a more bullish reading. The Positional Bias chart displays the net positions on a week-to-week scale. This means that institutions are grabbing up more long contracts than they are short. As price tests a trend line on the 1D timeframe, it starts to reject the lows of the day. A close above the trend line with this rejection could suggest higher oil prices soon.
-Frank
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