Australian Dollar Likely to Hit Fresh Lows
DailyFX.com -
Why and how do we use the SSI in trading? View our video and download the free trading guide here
AUDUSD - The ratio of long to short positions in the AUDUSD stands at 2.10 as 68% of traders are long. Yesterday the ratio was 2.10; 68% of open positions were long. Long positions are 1.6% higher than yesterday and 28.2% above levels seen last week. Short positions are 1.7% higher than yesterday and 7.1% below levels seen last week. Open interest is 1.6% higher than yesterday and 6.3% above its monthly average.
We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the AUDUSD may continue lower. The trading crowd has grown less net-long from yesterday but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from IG.
