We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil - US Crude prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed Oil - US Crude trading bias. Traders are defined by their lack of patience in realizing a profit, which could make the historically long ...
The New Zealand Dollar turned lower as expected, breaking the rising trend guiding the currency higher against its US counterpart since early December. The plunge played out against a backdrop of risk aversion that gripped financial markets amid worries about a steep Fed rate hike cycle. Near-term support is now at 0.7186, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis opening the door for a challenge ...
Bitcoin, Litecoin, Ripple broke important levels For Bitcoin, 7888 in confluence with the 200-day MA may bring some relief, but not looking for it to do much more than that. Rallies are expected to be short-lived events, rather than sustaining moves higher. With that said, the November low at 5555 is the next big downside target. Chart 1 – BTC/USD Litecoin is dropping sharply after breaking out of a wedge, ...
US 500: Retail trader data shows 46.0% of traders are net-long with the ratio of traders short to long at 1.17 to 1. The number of traders net-long is 17.7% higher than yesterday and 26.5% higher from last week, while the number of traders net-short is 1.8% lower than yesterday and 5.9% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to ...
Ethereum broke out of wedge to top-side; but can it sustain? On Friday, we noted wedges forming in Ethereum and Bitcoin, of which the former broke out of to the top-side and sustained a move higher. Since the plunge during the middle of the month Ethereum has been the strongest of the group, but is it ready to head higher or is a broader lower-high developing? On the 4-hr, there is a series of higher-lows and higher-highs ...
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