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.
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--- Written by Christopher Vecchio, Currency Strategist
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