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Retail Crowd Positioning Shifts Keep Focus on US Dollar Downside

Retail Crowd Positioning Shifts Keep Focus on US Dollar Downside

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Retail crowd increases net-long USD position against EUR and JPY.

- NZDUSD positioning flip last week holds, confirming the recent rally.

- Gold rally given clearance now that crowd has flipped to net-short.

View individual currency sections:

EURUSD - Euro Outlook Turning More Bullish as Crowd Fades Advance

GBPUSD – British Pound Forecast Neutralizes as Shorts Cut amid Rally

USDJPY – Japanese Yen Eyes Further Gains versus the US Dollar

AUDUSD – Australian Dollar Levity Finds Support as Positioning Narrows

NZDUSD – New Zealand Dollar Sentiment Flip Holds, Supports Gains

XAUUSD – Gold Forecast Turns Bullish as Crowd Fades Rally

Weekly Summary of Forex Trader Sentiment and Changes in Positioning

Retail Crowd Positioning Shifts Keep Focus on US Dollar Downside

The retail crowd’s shift into heavier net-long US Dollar positions last week coincided with the start of the next leg lower across the USD-complex. With these small speculators continuing to add to net-long US Dollar positions amid weakness, we still prefer to fade the crowd’s recent positioning shifts. As such, further declines in various USD-pairs in the days ahead seems like the likely outcome.

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

Retail Crowd Positioning Shifts Keep Focus on US Dollar Downside

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

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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