Financial markets weekly overview. Trade list for November 6 – 12

Financial markets weekly overview. Trade list for November 6 – 12

We make up a weekly medium-term trade list based on CFTC reports and technical analysis.

The table below provides a description of the technical condition of the market on the most popular financial instruments, as well as information on the large speculators’ actions according to the last COT reports and the previous period.

If you want to use CFTC reports in your trading practice, you should understand that for an objective assessment of the situation it’s not enough to know the data of the last report. The dynamic is more important, in other words, comparing the statistics of large speculators’ actions in the current period with the previous one, so we publish both values in the table.

Note that the arrow direction gives us information about the large speculators’ actions (buying or selling) relative to the asset specified in the first column. For example, for CHF, the up arrow () indicates that COT net position indicator is rising, namely CHF is being bought, but not USDCHF.

Key topics

Trade list for the current week

AssetComments27.
10
3.
11
**E-Mini
S&P500 (ESZ17)
The trend is bullish, the impulse wave develops. a pullback entry point on the Daily timeframe will appear after another correction formation, at the same time the price movement is very active that's why the reliable market entry is also possible on smaller timeframes.
**Dollar Index (DXZ17)The Daily trend is bullish, the impulse wave develops. A pullback buying opportunity will appear after a correction formation on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 30-31.
***EUR (E6Z17)The trend is bearish, the correction movement on the Daily timeframe is nearing completion. Short positions will remain relevant until the market is below the resistance level, the highs of October 25-26. The next target is around the price mark of 1.15.
***CHF (S6Z17)The trend is bullish (for USDCHF), another impulse wave develops. A pullback entry point will appear on the Daily timeframe after the correction formation.
***GBP (B6Z17)The support level was broken on the Daily timeframe on Thursday, the trend is bearish. The market broke through the triangle formed earlier in the direction that corresponds to the professionals' opinion.
***JPY (J6Z17)The Daily trend is bullish (for USDJPY), the impulse wave develops. A pullback buying opportunity will appear after its completion and another correction formation. USDJPY long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 30-31.
**WTI (CLZ17)The Daily trend is bullish, the impulse wave develops. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 19-20.
***CAD (D6Z17)The trend is bullish (for USDCAD), the corection wave develops. USDCAD pullback buying opportunity will appear after its completion. USDCAD long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 18-19.
***XAU (GCZ17)The Daily trend is bearish, the correction wave develops. Short positions will remain relevant until the market is below the highs of November 1-3.
**XAG (SIZ17)The trend is bearish, the correction came to an end on the Daily timeframe on Thursday, the impulse wave develops. Short positions will remain relevant until the market is below the highs of November 1-3.
**AUD (A6Z17)The market remains in downtrend, the impulse wave develops on the Daily timeframe.Short positions will remain relevant until the market is below the highs of November 2-3. A pullback entry point will appear after the correction formation on the Daily timeframe.
**NZD (N6Z17)The Daily trend is bearish, the correction wave develops. Short positions will remain relevant until the market is below the highs of October 13-17.
**RUB
(R6Z17)
The resistance level was broken on the Daily timeframe on Friday, the trend changed. The trend is bullish (for USDRUB), the impulse wave develops, a pullback entry point will appear after the correction formation on the Daily timeframe.
The notation that determines the quality of possible trades during the new week are profit potential, the risk-reward ratio, the opinion of major market players, other factors:
****Excellent
***Good
**Ordinary
*Uninteresting (sideways trends, etc.)
The notation that determines the change in the opinion of large speculators, the direction of COT net position indicator in the reporting and prior periods are:
large speculators are buying the asset specified in the first column
large speculators are selling the asset specified in the first column
the green color of the arrows means that the Daily trend direction corresponds to the opinion of large speculators
the blue color of the arrows means that the Daily trend direction doesn’t correspond to the opinion of large speculators

Trade list in a graphical format is available here.

If you want to get more information on the pullback trading tactics and other aspects of trading in the market, watch the «Horizontal levels in trading» video course.

E-Mini S&P500 (ESZ17)

The trend is bullish, the impulse wave develops. A pullback entry point on the Daily timeframe will appear after another correction formation, at the same time the price movement is very active that’s why the reliable market entry is also possible on smaller timeframes.

COT net position indicator increased but didn’t reverse. The major players’ opinion doesn’t still correspond to the market technical picture and it makes sense to reduce the position size when an entry point appears in the trend direction.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

E-Mini S&P500 (ESZ17). Technical analysis and COT net position indicator.

Dollar Index (DXY)

The Daily trend is bullish, the impulse wave develops. A pullback buying opportunity will appear after a correction formation on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 30-31.

COT net position indicator reversed, large speculators are buying and the professionals’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

Dollar Index (DXY). Technical analysis and COT net position indicator.

Euro (EURUSD)

The trend is bearish, the correction movement on the Daily timeframe is nearing completion. Short positions will remain relevant until the market is below the resistance level, the highs of October 25-26. The next target is around the price mark of 1.15.

COT net position indicator continues to decline and the major players’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

EURUSD. Technical analysis and COT net position indicator.

Swiss Franc (USDCHF)

The trend is bullish (for USDCHF), another impulse wave develops. A pullback entry point will appear on the Daily timeframe after the correction formation. Large speculators go on selling franc and the professionals’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

CHFUSD. Technical analysis and COT net position indicator.

British Pound (GBPUSD)

The support level was broken on the Daily timeframe on Thursday, the trend is bearish. The market broke through the triangle formed earlier in the direction that corresponds to the professionals’ opinion. COT net position indicator increased but didn’t revere and the major players’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

GBPUSD. Technical analysis and COT net position indicator.

Japanese Yen (USDJPY)

The Daily trend is bullish (for USDJPY), the impulse wave develops. A pullback buying opportunity will appear after its completion and another correction formation. USDJPY long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 30-31.

Large speculators continue to maintain the trend and sell Yen and the professionals’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

JPYUSD. Technical analysis and COT net position indicator.

WTI Crude Oil (CLZ17)

The Daily trend is bullish, the impulse wave develops. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 19-20. COT net position indicator continues to increase, large speculators are buying and the professionals’ opinion corresponds to the Daily trend direction.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

WTI Crude Oil (CLZ17). Technical analysis and COT net position indicator.

Canadian Dollar (USDCAD)

The trend is bullish (for USDCAD), the corection wave develops. USDCAD pullback buying opportunity will appear after its completion. USDCAD long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of October 18-19.

Large speculators are selling Canadian Dollar and the professionals’ opinion corresponds to the current market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

CADUSD. Technical analysis and COT net position indicator.

Gold (XAUUSD)

The Daily trend is bearish, the correction wave develops. Short positions will remain relevant until the market is below the highs of November 1-3. Large speculators continue to maintain the trend and the professionals’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

Gold. Technical analysis and COT net position indicator.

Silver (XAGUSD)

The trend is bearish, the correction came to an end on the Daily timeframe on Thursday, the impulse wave develops. Short positions will remain relevant until the market is below the highs of November 1-3.

COT net position indicator reversed, large speulators are selling and the professionals’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

Silver. Technical analysis and COT net position indicator.

Australian Dollar (AUDUSD)

The market remains in downtrend, the impulse wave develops on the Daily timeframe. Short positions will remain relevant until the market is below the highs of November 2-3. A pullback entry point will appear after the correction formation on the Daily timeframe.

Large speculators go on selling and the professionals’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

AUDUSD. Technical analysis and COT net position indicator.

New Zealand Dollar (NZDUSD)

The Daily trend is bearish, the correction wave develops. Short positions will remain relevant until the market is below the highs of October 13-17. Large speculators continue to maintain the trend and the major players’ opinion corresponds to the market technical picture.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

NZDUSD. Technical analysis and COT net position indicator.

Russian rouble (USDRUB)

The resistance level was broken on the Daily timeframe on Friday, the trend changed. The trend is bullish (for USDRUB), the impulse wave develops, a pullback entry point will appear after the correction formation on the Daily timeframe.

Large speculators continue to buy Rouble and the professionals’ opinion doesn’t correspond to the market technical picture now.

Financial markets weekly overview. Trade list and COT CFTC reports analysis

RUBUSD. Technical analysis and COT net position indicator.

Conclusions

In terms of medium-term trading, financial instruments with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are Gold, EURUSD, EURGBP.

In the near future USDCHF, GBPUSD, USDJPY, USDCAD, CADJPY can become noteworthy depending on the market correction depth.

Other financial instruments in the trade list may be also interesting, but in these markets pullback signals on the Daily timeframe are likely to occur no earlier than a week.

More information on the topic:

Good luck in trading!

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