Please find below a summary of the asset management and hedge fund ( a.k.a 'non-commercial') activity from this week's Commitment of Traders report, and a full descriptiveanalysis in the spreadsheet attached.
The EURJPY is overbought
The EURJPY pair was long 149180 contracts this Tuesday, this puts it longer than 99.61 percentof previous weeks.This indicates that the currency pair may be overbought, a bearish signalbecause it suggests that there is very little room in the market to increase long positionsfurther.
The CHFJPY is overbought in terms of its net-long position and overbought
The CHFJPY pair was net long 55833 contracts this Tuesday, this makes it greater than 96.46percent of previous weeks for net long open interest. This indicates that they may beoverbought, a bearish signal.
It was long 93584 contracts this Tuesday, this puts it longer than 98.43 percent of previousweeks. This indicates that the currency pair may be overbought, a bearish signal because itsuggests that there is very little room in the market to increase long positions further.
The USDCHF is overbought in terms of its net-long position and overbought
The USDCHF pair was net long 13695 contracts this Tuesday, this makes it greater than 90.94percent of previous weeks for net long open interest.This indicates that they may beoverbought, a bearish signal.
It was long 31000 contracts this Tuesday, this puts it longer than 93.31 percent of previousweeks.This indicates that the currency pair may be overbought, a bearish signal because itsuggests that there is very little room in the market to increase long positions further.
The EURCHF is oversold and overbought
The EURCHF pair was long 79749 contracts this Tuesday, this puts it longer than 96.46 percentof previous weeks.This indicates that the currency pair may be overbought, a bearish signalbecause it suggests that there is very little room in the market to increase long positionsfurther.
It was short 138082 contracts this Tuesday, this puts it shorter than 90.94 percent of previousweeks.This indicates that the currency pair may be oversold, a bullish signal because it suggeststhat there is very little room in the market to increase short positions further.
The NZDJPY is overbought in terms of its net-long position and overbought
The NZDJPY pair was net long 59739 contracts this Tuesday, this makes it greater than 98.82percent of previous weeks for net long open interest.This indicates that they may beoverbought, a bearish signal.
It was long 90321 contracts this Tuesday, this puts it longer than 98.03 percent of previousweeks.This indicates that the currency pair may be overbought, a bearish signal because itsuggests that there is very little room in the market to increase long positions further.
The CADJPY is overbought in terms of its net-long position and overbought
The CADJPY pair was net long 50124 contracts this Tuesday, this makes it greater than 97.24percent of previous weeks for net long open interest.This indicates that they may beoverbought, a bearish signal.
It was long 110702 contracts this Tuesday, this puts it longer than 98.82 percent of previousweeks.This indicates that the currency pair may be overbought, a bearish signal because itsuggests that there is very little room in the market to increase long positions further.
The EURGBP is overbought
The EURGBP pair was long 117037 contracts this Tuesday, this puts it longer than 92.52 percentof previous weeks.This indicates that the currency pair may be overbought, a bearish signalbecause it suggests that there is very little room in the market to increase long positionsfurther.
The EURCAD is oversold
The EURCAD pair was short 155201 contracts this Tuesday, this puts it shorter than 96.06percent of previous weeks.This indicates that the currency pair may be oversold, a bullish signalbecause it suggests that there is very little room in the market to increase short positionsfurther.
The USDJPY is overbought in terms of its net-long position, undersold and overbought
The USDJPY pair was net long 125360 contracts this Tuesday, this makes it greater than 98.43percent of previous weeks for net long open interest.This indicates that they may beoverbought, a bearish signal.
It was long 169863 contracts this Tuesday, this puts it longer than 98.03 percent of previousweeks.This indicates that the currency pair may be overbought, a bearish signal because itsuggests that there is very little room in the market to increase long positions further.
It was short 44503 contracts this Tuesday, this is a lower figure than 91.73 percent of previousweeks. This indicates that the currency pair may be undersold, a bearish signal because itsuggests that there is a lot of opportunity in the market to increase short positions further.
The NZDUSD is oversold and oversold in terms of its net-long position
The NZDUSD pair was net long -5883 contracts this Tuesday, this makes it greater than just9.06 percent of previous weeks for net open interest. This indicates that it may be oversold, abullish signal.
It was short 16662 contracts this Tuesday, this puts it shorter than 90.16 percent of previousweeks. This indicates that the currency pair may be oversold, a bullish signal because itsuggests that there is very little room in the market to increase short positions further.
The EURAUD is overbought
The EURAUD pair was long 104832 contracts this Tuesday, this puts it longer than 90.55percent of previous weeks.This indicates that the currency pair may be overbought, a bearishsignal because it suggests that there is very little room in the market to increase long positionsfurther.
The EURNZD is overbought
The EURNZD pair was long 72579 contracts this Tuesday, this puts it longer than 94.49 percentof previous weeks.This indicates that the currency pair may be overbought, a bearish signalbecause it suggests that there is very little room in the market to increase long positionsfurther.
Highest Regards,
Thomas Upfield
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