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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

2012-10-18 15:35:00
David Rodriguez, Head of Product
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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.

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