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US Dollar Has Held On, but Next Move Likely Lower

US Dollar Has Held On, but Next Move Likely Lower

2013-07-19 15:15:00
David Rodriguez, Head of Product
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Forex trading crowds have bought into Dollar weakness against the Euro, Gold prices, and even the S&P 500. We see scope for USD weakness and further records for stocks.

View individual currency sections:

EURUSD - Euro Poised to Break Higher - Watch $1.32

GBPUSD - British Pound Turns the Corner - Clear Skies Ahead?

USDJPY - Japanese Yen Likely to Fall to Fresh Lows

XAUUSD - Gold Prices Rally - Time to Buy?

SPX500 - Stocks See Déjà Vu All Over Again - Further Records Likely

AUDUSD - Australian Dollar Shows Signs of Life

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_5.png, US Dollar Has Held On, but Next Move Likely Lower

We’ve been calling for US Dollar weakness for a bit over a week now, and so far the Dow Jones FXCM Dollar Index (ticker: USDOLLAR) has proven surprisingly resilient. Yet retail forex trader sentiment seems fairly clear, and our sentiment-based Momentum2/”Tidal Shift” system continues to sell into US Dollar weakness.

Read full currency pair-by-currency pair rundowns in the links above, and follow future updates on retail sentiment and our trading strategies via my e-mail distribution list.

ssi_table_story_body_Picture_11.png, US Dollar Has Held On, but Next Move Likely Lowerssi_table_story_body_Picture_12.png, US Dollar Has Held On, but Next Move Likely Lower

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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.

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