The guy has no clue on COT report. I'd rather go short when specs are net long in a downtrend. The last time large specs were this much bullish, back in April and May of 2014, Aussie was being prepared for a massive bearish plunge.
How Commitments of Traders predicted higher prices In AUDUSD
It was an extraordinary week for the Australian Dollar. It started on a bad note with Building Approvals disappointing the market with a negative 7.5 vs a negative 2.9% expected. Chinese manufacturing PMI didn’t help with a lower than expected print in the same day. The bad news didn’t stop AUDUSD from climbing towards 0.7250 resistance. Later on AUD GDP q/q printed positive 0.6% vs 0.5% expected and +1.1% previously revised. This was followed by better than expected Trade Balance on Thursday. Excellent news was reflected in the AUDUSD charts. It seems like many traders were caught selling the resistance at ... (full story)