Forex Crowds Got it Right on Dollar Turnaround - What's Next?
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Weekly Summary of Forex Trader Sentiment and Changes in Positioning
The majority of retail forex traders were aggressively long the US Dollar and short the Euro into the recent EURUSD sell-off, and indeed early signs suggest this could be the start of a larger turnaround.
Our sentiment-based strategies have not yet flipped direction, but important technical signs of a USD turnaround are difficult to ignore—we’ll likely look for the next opportunity to buy into Dollar gains.
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--- 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.