We’re getting ready for the next leg down in the Pound, Euro, Aussie and Loonie (Canadian Dollar). They’ve either hit Resistance and can’t get through. Or are sitting on or starting to break down through Support.
But the Commitment of Traders picture is split.
The Pound and Euro have no Professional support – not surprising given Brexit. On the other hand, the commodity currencies – the Aussie and the Loonie – DO have Professional support. This can also be seen in the COT picture for Crude and Copper.
So any sell-off in the commodity complex – Crude, Copper, Aussie and Loonie – might be shallow or short lived. And this would be a successful Test of the Lows and show all the Sellers have sold. Then bingo, bango, bongo …
Good luck with your Emini trading next week.
