AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.04 as 49% of traders are long. Yesterday the ratio was 1.03; 51% of open positions were long. Long positions are 8.1% lower than yesterday and 18.5% below levels seen last week. Short positions are 1.8% lower than yesterday and 16.3% above levels seen last week. Open interest is 5.0% lower than yesterday and 17.2% 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 flipped from net-long to net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.
--- Written by Christopher Vecchio, Currency Strategist
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