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Australian Dollar May Gain versus US Dollar

David Rodriguez

DailyFX.com -

Australian Dollar May Gain versus US Dollar

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AUDUSDThe ratio of long to short positions in the AUDUSD stands at -1.14 as 47% of traders are long. Yesterday the ratio was -1.12; 47% of open positions were long. Long positions are 2.9% higher than yesterday and 15.8% above levels seen last week. Short positions are 5.1% higher than yesterday and 16.4% below levels seen last week.

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 further net-short from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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