– Dollar surges versus Yen, and our sentiment-based trading systems buy
– Those same strategies are likely to sell the Aussie Dollar and buy the British Pound
– Steady crowd sentiment gives us fairly clear trading biases on key pairs
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View individual currency sections:
EURUSD – Euro Decline May Offer Opportunity to Get Long
GBPUSD – British Pound Rally at Risk but We’re Not Selling Yet
USDJPY – Japanese Yen May Continue Recent Tumbles
Gold – Further Gold Price Declines Seem Likely
SPX500 – SP 500 Rally Starting to Look Frail
AUDUSD – Further Australian Dollar Declines Seem Likely
Weekly Summary of Forex Trader Sentiment and Changes in Positioning
The Japanese Yen looks likely to fall further versus the US Dollar, but the Greenback looks like an attractive buy versus Gold prices and the Australian Dollar. What are we trading?
Our proprietary retail forex trader data shows that the majority of traders are heavily long the Japanese Yen (short USDJPY, GBPJPY), Gold prices, and the Australian Dollar.
A contrarian view of crowd sentiment has led our retail FX sentiment-based strategiesto go in the opposite direction and buy USDJPY, while the same systems are likely to continue selling into AUDUSD weakness.
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.
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— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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