Retail Crowd Positioning Shifts Keep Focus on US Dollar Downside
- NZDUSD positioning flip last week holds, confirming the recent rally.
- Gold rally given clearance now that crowd has flipped to net-short.
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Weekly Summary of Forex Trader Sentiment and Changes in Positioning
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.
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--- Written by Christopher Vecchio, Currency Strategist
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