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USD on Weaker Footing versus GBP, JPY, NZD after Positioning Shifts

USD on Weaker Footing versus GBP, JPY, NZD after Positioning Shifts

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Retail crowd reduces net-long USD position against GBP, JPY, and AUD.

- NZDUSD positioning flips, confirming the recent bottoming effort.

- Gold rally will struggle as long as crowd remains net-long.

View individual currency sections:

EURUSD – Euro Outlook Mixed, Although Crowd’s Net-Short Position Lingers

GBPUSD – British Pound Forecast Remains Bearish Despite Positioning Narrowing

USDJPY – Japanese Yen Eyes Gains versus the US Dollar

AUDUSD – Australian Dollar Bottom May be Forming

NZDUSD – New Zealand Dollar Sentiment Flips – Supportive of Further Gains

XAUUSD – Gold Forecast Neutralizes After Surge in Crowd Short Positioning

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

The US Dollar finds itself on increasingly shaky footing as the retail crowd takes on more long USD exposure. Recent weakness versus the commodity currencies may continue for the greenback, with the retail crowd flipping to net-short in NZDUSD.

View Real-Time SSI Updates via the FXCM Trading Station Desktop

See a video on how we use the Speculative Sentiment Index in our trading

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

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