Forex Analysis: Trading Systems Sell US Dollar
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Weekly Summary of Forex Trader Sentiment and Changes in Positioning
Our proprietary sentiment-based trading strategies have actively sold the US Dollar and the Japanese Yen against major counterparts. Recent readings on USD and JPY trading conditions leave us broadly in favor of selling any short-term rallies; we like the systems’ recent trades.
Two important exceptions are the Swiss Franc and the Australian Dollar. The USDCHF has broken decisively higher and current momentum favors buying the USD against the Swiss currency. Our SSI-based systems have recently gone long the AUDUSD, but it will be critical to watch the pair’s next moves as it could break decisively below key support.
Download eight years worth of SSI data via this link.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.