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Australian Dollar at Cusp of Reversal
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AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.26 as 44% of traders are long. Yesterday the ratio was -1.05; 49% of open positions were long. Long positions are 11.4% lower than yesterday and 13.3% below levels seen last week. Short positions are 6.6% higher than yesterday and 9.8% above levels seen last week. Open interest is 2.2% lower than yesterday and 0.8% above 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 further net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.
See next currency section:NZDUSD - New Zealand Dollar Forecast to Rally Further
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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