Aussie futures show bulls committed with uptrend

By FXStreet Preliminary data from the CME Group shows that futures traders continue to add new long-sided business in the 6A contract (AUD/USD) this week, as the Aussie continues its relentless course north, following upbeat Australian employment numbers on Thursday.

The increase in open interest on Thursday, with 2,181 new contracts added in a day in which a bullish outside bar was printed, cements the view that the rise this week, has been yet again, true demand by large players, as the Aussie heads for a second weekly close above 0.77 since first breaching the level mid-March.

Open interest: Buy campaign in AUD/USD throughout the week

The increase in open interest on Thursday follows four straight days of open interest increases, these being 0.5k, 2.9k, 4.5k and 2.5k from Monday to Thursday respectively, in a week where the pair has made a solid move from mid 75 all the way towards the 7750 area. The overall net change in open interest this week alone stands at around 10k new contracts, suggesting that risks remain to the upside as additional long positions looking to get paid are built.

Note, if instead of an increase in open interest in the 6A contract this …read more

Source:: FX Street