Copy trading or social investing was all the rage a couple of years ago. If you're not familiar with the term, basically such a trading platform allows you to copy the trades of another investor whose trades you fancy. So instead of worrying about which way the AUD or EUR are going to go, we pick folks who seem to know more than we do based on their track record.
There are a lot of flaws with both the logic and execution of copy trading. I won't go into them in this post but i think it can provide some insight into when the market is about to turn. The best tool i've found for that has been 'Trader's Insight'.
Trader's Insight was a free widget offered by e-toro that allowed you to see how their top 100 traders were positioned for various FX pairs. I say 'was' because it seems like they've removed it from their site. Luckily, there's a third-party site that still seems to have access to it. Here's a screenshot:
If a pair has crossed into 80% either long or short, i will start to monitor it and look at the pivot levels around. And i would typically hold it till it reverses to 50%. Preferred currencies are those that have positive carry or are over-stretched on a daily chart.