Australian Dollar May have Turned Corner versus USD
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 -1.08 as 48% of traders are long. Yesterday the ratio was -1.23; 45% of open positions were long. Long positions are 6.7% higher than yesterday and 30.7% above levels seen last week. Short positions are 6.3% lower than yesterday and 8.5% below levels seen last week. Open interest is 0.5% lower than yesterday and 13.8% below its monthly average.
We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the AUDUSD may continue higher. The trading crowd has grown less net-short from yesterday and 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.
