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Australian Dollar Forecast Unclear versus US Dollar

DailyFX.com -

Australian Dollar Forecast Unclear versus US Dollar
Australian Dollar Forecast Unclear versus US Dollar

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 1.41 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.


original source

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