2020 June

According to last week’s Commitment of Traders report (COT) Commercial Hedgers, more commonly known as the ‘Smart Money’ hold extreme exposure as they continue buying the Dow.

Since the March lows this year, the Ozzie Dollar (AUD) has put in a strong performance against the EUR, topping out around the February highs on the 8th of June.

The unravelling of the Great British Pound’s (GBP) efforts made at the beginning of this year against the New Zealand Dollar (NZD) has been relentless since the decline of late

GBP/USD came under more selling pressure towards the end of yesterday’s session dropping -1.04%. The next key level to watch is 12440s (B) Trendline and Rising Wedge Support.

Pennant and horizontal resistance at (1) inside rising channel (A) restricting further upside this week as Kiwi bulls closeout for profit-taking.