COT Report Reveals AUD Longs At Record High – AUD/USD Price Action Analysis
- Futures traders at the CME (Chicago Mercantile Exchange) added to the net AUD open long position, by around 13% on the weekly basis, according to the latest COT report (Commitment of Traders) from the CFTC.
- This has the Australian Dollar (CME) at a $10.8 billion aggregate position and 103,376 net long contracts for the Non-Commercial – “Large Speculators” group. AUD long positioning is now at a record/extreme high.
- The AUD/USD currency pair is now trading above the 1.0500 round number area and a long term descending trend line, but just under the previous resistance zone around 1.0624. The last time price hit this area the highlighted Pinbar reversal formation gave a bearish price action signal, as we reported here.
- We will be monitoring for similar price action confirmation if the so called “Aussie” can hit the resistance zone going forward.
- Another technical area of note for the Australian/US dollar pair is the highlighted ascending trend line; this is currently loosely aligned with the 1.0500 handle.
AUD/USD Price Action Analysis – Daily Chart
Click chart to expand.
The Commitments of Traders (COT) reports is released on a Friday and gives a breakdown of Tuesday’s open interest. The COT report is often seen as a way of tracking market sentiment for currencies, commodities and stock indices.
Very clean chart easy to read. I like it a lot.