Technical Analysis Summary

**US Dollar** * Large speculators flipped to net-short USD index futures, while asset managers flipped to net-long exposure. * USD index rose for a second week. **Commodity Currencies** * AUD/USD: Large speculators pushed net-long exposure to its highest level since December 2017. Asset managers also flipped to net-long exposure. * NZD: Traders remained net-long NZD futures ahead of RBNZ's dovish 50bp cut. * CAD: Net-short exposure to CAD futures increased on rising bets of further easing. **Japanese Yen** * Bullish exposure to yen futures dwindled among both sets of traders, tracking prices lower on yen futures (bullish USD/JPY). * Short bets against the yen increased by 22% from large speculators and 12.5k contracts from asset managers. **WTI Crude Oil** * Net-long exposure to WTI crude oil rose to a 9-week high. * Large specs reduced shorts and increased longs, while managed funds trimmed exposure to both longs and shorts. * Given the doji that formed on the weekly chart and lack of top-tier data this week, a smaller-ranged week is possible without a fresh catalyst. **VIX** * Both asset managers and large speculators are on the cusp of flipping to net-long exposure VIX futures. * VIX futures also increased for a fourth week. * Investors are likely hedging downside risk of the stock market as we head towards the US election on November 5. **Metals** * Traders have trimmed their net-long exposure to gold, silver, and copper over the past couple of weeks. * Gold futures remained just off their record highs while net-long exposure remains highly bullish. * There has been a slight pickup of short bets against gold futures from large speculators, although the bull/bear ratio remains around 5:1. * No significant pickup of short bets against silver or copper futures. **Wall Street Indices** * Asset managers continue to favor the S&P 500, with net-long exposure only slightly lower. * They increased net-long exposure to Nasdaq 100 for a third week. * Asset managers reduced net-long exposure to Dow Jones futures at their fastest pace in nine.