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Forex Crowds Got it Right on Dollar Turnaround - What's Next?

Forex Crowds Got it Right on Dollar Turnaround - What's Next?

David Rodriguez, Head of Product

Our sentiment-based strategies got caught on the wrong side of an important Euro sell-off and US Dollar (ticker: USDOLLAR) bounce, and indeed we see early signs of a substantive USD reversal.

View individual currency sections:

EURUSD - Euro Sees Early Signs of Critical Peak - Time to Sell?

GBPUSD - Forex Trading Crowds Sell GBP as it Fails at Critical Resistance

EURJPY - Yen Likely to Consolidate as Crowds Switch Direction

XAUUSD - Forex Traders Sell Gold - Just Might Work

SPX500 - SPX500 Sentiment Plainly Favors Record Highs

AUDUSD - Australian Dollar Forecast to Test Key Lows

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_10.png, Forex Crowds Got it Right on Dollar Turnaround - What's Next?

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.

ssi_table_story_body_Picture_11.png, Forex Crowds Got it Right on Dollar Turnaround - What's Next?ssi_table_story_body_1a.png, Forex Crowds Got it Right on Dollar Turnaround - What's Next?

Download all of our Sentiment-based trading strategies free via an ongoing promo on FXCMApps.com

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

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

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