Hi guys, I really like your forum and I get a lot of good ideas here.
As a newbie trader I still got a lot to learn but I've got a few months of experience under my belt.The last weeks have been terrific for me in the currency futures, contrary to the rest of my 'hobby'.
I was wondering if anybody has an idea why the AUD futures behaved so strangely today. Recently any bad news triggered a sell off and bad days on wall street have been a poison for the AUD.
So I tried to short the AUD, unfortunately with a very bad entry(as usual).
As soon as the worse than expected news about Pending Home Sales hit the streets AUD v-bottomed
and went against me in spurts, despite a very negative DOW. Volume was higher than average but tapered off right now.
The commitment of traders report shows that the big boys were short last week, my guess is that they liquidated their positions and bought into weakness. Same thing happened in the EUR and FOREX.
Am I missing something? Any idea how to explain it all?
Any help would be appreciated.