The Nikkei 225 remains caught in a quite pervasive downtrend, which has endured since it topped out back on June 12. That peak itself was quiet significant as it came in at 23023, which is just about exactly where the bulls had been routed in their previous assault. That petered out on May 19. Coupled with the latest bull failure it looks as though we might be seeing a double top reversal for the Tokyo stock benchmark, which could well portend further significant losses. ...
USDJPY: Retail trader data shows 50.0% of traders are net-long with the ratio of traders short to long at 1.0 to 1. The number of traders net-long is 0.5% lower than yesterday and 5.6% higher from last week, while the number of traders net-short is 5.6% lower than yesterday and 6.8% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. ...
Last week, EUR/USD traded relatively in-line with our tempered expectations – the euro chopped around with little net effect for the week as the ECB-driven move from the Thursday before took time to digest. Overall, a second test of significant support held this past week, keeping sellers at bay for the time-being. Will one side or the other win-out in the days ahead, or will it be another week-long bout of choppy price action? The thinking in this corner is that there will be a little more ...
GBPUSD: Retail trader data shows 72.4% of traders are net-long with the ratio of traders long to short at 2.62 to 1. In fact, traders have remained net-long since Apr 20 when GBPUSD traded near 1.41803; price has moved 7.0% lower since then. The number of traders net-long is 7.0% higher than yesterday and 4.5% higher from last week, while the number of traders net-short is 0.1% lower than yesterday and 14.2% lower from last week. We typically ...
On Thursday, the ECB's cautious stance on the removal of monetary stimulus sent EUR/USD down sharply, the biggest move in recent memory. This has price support running back to 2015 and the January 2017 trend-line squarely under assault again. The thinking on this end is that we will see some backing-and-filling in the days ahead as the market digests the impact of Thursday's outcome. This could make for less-than-ideal trading conditions ...
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