risk off continues, sux when a 40 pip move feels huge.
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Comments & Most Interesting Charts
- The AUD is still registering an extreme long sentiment situation and the %Long has increased 8% last week, hence supporting the case for some profit taking. Whilst we are still in a range, it may pay off to look also to some crosses for potential opportunities. AUDJPY is looking interesting for example.
http://www.orderflowtrading.com/Port...e002_thumb.png
AUDJPY Weekly Chart
CAD bulls continued to show their strength last week, until Friday's reversal. The price action is equally interesting on USDCAD and CADJPY, suggesting a potential profit taking scenario and some continuation for USDCAD longs and CADJPY shorts.
http://www.orderflowtrading.com/Port...e004_thumb.png
CADJPY Weekly chart
Gold has continued to rise last week but the extended long sentiment, together with the the crowdedness of the trade, supports the case for some profit taking. Price action is still not present to confirm this hypothesis however. We must wait and watch.http://www.orderflowtrading.com/Port...e006_thumb.png
Gold Weekly chart
In other news:
ZB has flipped to a short stance last week; however the price action into the close has been strong and has probably nullified this change. We shall monitor ZB anyways because it's the first flip short since December 2013.
To sum up: watch AUDUSD/AUDJPY, USDCAD/CADJPY and Gold this week for potential opportunities.
To understand more about strong vs. weak, be sure to check out the heatmaps here in the news feed