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BLUE LINE = BRLUSD
The market began at a high of 247.40 and, with periods of strength, and began its downward journey. On the Friday of the COT period, prices dropped sharply in conjunction with the F option expiration. The market dropped to the familiar support area of 230.00+, 231.95, establishing a range for the period of 15.45c and a net change of -7.05c. It then seemed to enter a pre-holiday type market, including the days after the COT, as it attempted to break 240.00, with one brief success, and dropping back down to the low 230.00s to 235.00. The OI reflects option expiration with the net result showing trade buying and all other sectors selling. In RC, commercials sold while managed money bought. Other sectors were mixed.
Spreads adjusted downwards. HK dropped to the negative area as the H oi continued to drop. Whatever the market may do in the next couple of weeks as some traders continue to liquidate both longs and shorts, for now support remains in the low 230.00 while resistance is present in the high 230.00s. Generally, the market remains in a bullish mode for now.
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