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Sharp US Dollar Reversal Looks like the Start of a Larger Rally

Sharp US Dollar Reversal Looks like the Start of a Larger Rally

2013-10-31 14:55:00
David Rodriguez, Head of Product
Share:

- US Dollar may have set critical bottom versus major forex counterparts

- Retail forex crowds remain long Dollar, but huge shift warns of turn in price

- Our sentiment-based trading systems have begun buying into Greenback strength

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

View individual currency sections:

EURUSD - Euro May have Set Significant Top

GBPUSD - British Pound Looks to Trade to Fresh Lows

GBPJPY - Japanese Yen Forecast Turns Positive

XAUUSD - Gold Prices Fall Sharply and Could Decline Further

SPX500 - S&P 500 at no Real Risk of a Turn Lower

AUDUSD - Australian Dollar Remains a Sell

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

ssi_table_story_body_Picture_5.png, Sharp US Dollar Reversal Looks like the Start of a Larger Rally

The US Dollar may have set a lasting bottom versus the Euro, Australian Dollar, and British Pound. Why? And what could invalidate?

It’s a fool’s errand to try and catch major turning points in price, and saying that it “feels like” a reversal is a sure-fire way to lose money over the long run. Yet our retail FX sentiment-based strategies have begun buying into the USD bounce as we see early signal of a potential turn.

Past performance is NOT indicative of future results, but our Momentum2 trading system has done well trading the Greenback through recent months of trading. The fact that it has now sold EURUSD, GBPUSD, and AUDUSD serves as early confirmation of a potentially lasting Dollar bounce.

Follow any future updates on retail positioning via this author’s e-mail distribution list.

ssi_table_story_body_Picture_6.png, Sharp US Dollar Reversal Looks like the Start of a Larger Rallyssi_table_story_body_Picture_7.png, Sharp US Dollar Reversal Looks like the Start of a Larger Rally

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

--- 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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