Here on the Dollar Index we have a deep crab pattern (it was drawn on the smaller timeframes). price came down to the HOP and was rejected! Now what we can see (and will be backed by the COT data later in the post) is the dollar fall a bit more to retest the level and might have a rebound.
Now, on to the COT data.
we have the Commercials increasing thier longs while the Non-Coms are selling the supply to those buyers driving price down. the Longs increased thier longs by 3600 orders and the non-comms increased thier shorts by a whopping 6500 orders. So, there is a good chance this pattern will fail. but again i do expect the dollar to retreat to the HOP again before it makes a decesion on what way it wants to go.
so here is the net data:
Commercials:
Current- (5,328) // previous- (8867)
Non- Coms
Current- 4689 // previous- 8,258
So, all in all any positions buying the dollar is illadvised still hold on to the shorts if you have them becasue i think this is a minor correction we currently see on the charts. so we might see some monday manipulation with price going up possibly stalling out tuesday and possible reverse wednesday.
Now, on to the COT data.
we have the Commercials increasing thier longs while the Non-Coms are selling the supply to those buyers driving price down. the Longs increased thier longs by 3600 orders and the non-comms increased thier shorts by a whopping 6500 orders. So, there is a good chance this pattern will fail. but again i do expect the dollar to retreat to the HOP again before it makes a decesion on what way it wants to go.
so here is the net data:
Commercials:
Current- (5,328) // previous- (8867)
Non- Coms
Current- 4689 // previous- 8,258
So, all in all any positions buying the dollar is illadvised still hold on to the shorts if you have them becasue i think this is a minor correction we currently see on the charts. so we might see some monday manipulation with price going up possibly stalling out tuesday and possible reverse wednesday.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.