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US Dollar Poised for Further Gains, but Watch Nonfarm Payrolls

US Dollar Poised for Further Gains, but Watch Nonfarm Payrolls

2015-03-05 17:10:00
David Rodriguez, Head of Product
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- Retail FX crowds continue selling into US Dollar gains, serves as contrarian buy signal

- Important to watch upcoming US Nonfarm Payrolls for potential USD volatility

- See full analysis below in individual currency sections

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

View individual currency sections:

EURUSD - Euro Downtrend Remains Intact

GBPUSD - British Pound Likely to Lose Further

USDJPY - Crowds Sell Dollar versus Yen, Serves as Buy Signal

AUDUSD - Australian Dollar at Potential Turning Point

NZDUSD - New Zealand Dollar Rally Looks in Danger

GBPJPY - British Pound Forecast to Gain versus Yen

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

US Dollar Poised for Further Gains, but Watch Nonfarm Payrolls

The US Dollar has surged across the board, and retail FX traders continue selling into gains. We view this as a contrarian signal the Greenback continues higher.

An important caveat is that an upcoming US Nonfarm Payrolls data release may produce important US Dollar volatility; last month we saw the USD reverse sharply higher as NFPs data surprised to the topside. Overall momentum should favor continued strength, but the weight of expectations is riding high ahead of the market-moving US data release.

See specific US Dollar forecasts in the sections above, and sign up for future e-mail updates via this author’s e-mail distribution list.

US Dollar Poised for Further Gains, but Watch Nonfarm PayrollsUS Dollar Poised for Further Gains, but Watch Nonfarm Payrolls

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

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Contact David via

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

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

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