GBP/AUD - GBP Longs Increased! COT DATA
Hello Traders!,
Today, I'm looking to take advantage of a huge increase of GBP longs from the beginning of the week, a 14% increase on on GBP added with a 2% decrease on AUD longs gives me confluence that this pair is on the move upwards.
As as it stands, non-commercials are 54% long on GBP currency while only 45% of non-commercials are long on AUD.
This discrepancy between the two currencies indicates bullish volume within the GBP/AUD pair
What Is The Market Telling Us?
When Should We Enter?
Today, I'm looking to take advantage of a huge increase of GBP longs from the beginning of the week, a 14% increase on on GBP added with a 2% decrease on AUD longs gives me confluence that this pair is on the move upwards.
As as it stands, non-commercials are 54% long on GBP currency while only 45% of non-commercials are long on AUD.
This discrepancy between the two currencies indicates bullish volume within the GBP/AUD pair
What Is The Market Telling Us?
- Price has bounced off of W1 support followed by bullish impulse reaction
- Resistance now support is being retested for a pullback after bullish impulse.
- A high probability reversal on bullish trend is imminent
When Should We Enter?
- Await a pullback towards S1 before entering BUYS
- To be conservative, wait for bullish impulse move after pullback towards S1