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Australian Dollar Forecast Unclear versus US Dollar

David Rodriguez

DailyFX.com -

Australian Dollar Forecast Unclear versus US Dollar

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AUDUSD - The ratio of long to short positions in the AUDUSD stands at 1.41 as 59% of traders are long. Yesterday the ratio was 1.52; 60% of open positions were long. Long positions are 3.3% higher than yesterday and 17.1% below levels seen last week. Short positions are 11.2% higher than yesterday and 59.7% above levels seen last week. Open interest is 6.4% higher than yesterday and 3.6% 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 and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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