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Retail FX Crowds Buy US Dollar, but Further Declines in Store

Retail FX Crowds Buy US Dollar, but Further Declines in Store

David Rodriguez, Head of Product

Retail forex traders remain aggressively long the US Dollar (ticker: USDOLLAR) against the Euro and broader counterparts. We see scope for continued Dollar weakness, and indeed our sentiment-based trading strategies continue to sell into USD declines.

View individual currency sections:

EURUSD - Euro Targets Fresh Highs versus US Dollar

GBPUSD - British Pound Uptrend Intact as Crowds Sell

USDJPY - Japanese Yen Forecast to Fall Further

USDCHF - Swiss Franc Outlook Favors Gains

USDCAD - Canadian Dollar Trading Bias Moderates

GBPJPY - British Pound Forecast to Strengthen versus Yen

ssi_table_story_body_Picture_5.png, Retail FX Crowds Buy US Dollar, but Further Declines in Store

We continue to favor broader US Dollar weakness as quiet forex market conditions continue to hurt the safe-haven US currency.

As long as retail trading crowds continue to buy aggressively into US Dollar weakness, we see little reason to stray from our long-standing USD-bearish trading bias.

ssi_table_story_body_Chart_3.png, Retail FX Crowds Buy US Dollar, but Further Declines in Storessi_table_story_body_Chart_4.png, Retail FX Crowds Buy US Dollar, but Further Declines in Store

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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