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Dollar at Critical Turning Point, but When Would we Buy?

Dollar at Critical Turning Point, but When Would we Buy?

2013-09-12 14:15:00
David Rodriguez, Head of Product

- Crowds are extremely short the US currency

- Key forex pairs trade at major support levels

- Next move will likely prove decisive

View individual currency sections:

EURUSD – Euro Surges, but Why Might the Rally Fizzle?

GBPJPY – Japanese Yen Likely to Continue Lower for this Reason

GBPUSD – British Pound at Make-or-Break Levels; What’s Next?

AUDUSD – Australian Dollar Surge will be Put to the Test

XAUUSD – Gold Prices at Potential Breaking Point

SPX500 – S&P 500 Needs to Show it can Hold Gains

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_5.png, Dollar at Critical Turning Point, but When Would we Buy?

The US Dollar is at critical support, and forex sentiment suggests it might break considerably lower. But what might lead us to buy the Dollar at these levels?

Retail forex crowds have bought aggressively into Greenback weakness versus the Euro, British Pound, and Australian Dollar. We most often use this as a contrarian indicator to price action; if everyone’s buying, we prefer to sell.

But there comes a point where our proprietary data shows crowds are TOO short. Is this it?

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_6.png, Dollar at Critical Turning Point, but When Would we Buy?ssi_table_story_body_Picture_7.png, Dollar at Critical Turning Point, but When Would we Buy?

Automate our SSI-based trading strategies via Mirror Trader free of charge

--- 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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