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Correction May Be Finished as AUDUSD Sentiment Widens Again

Correction May Be Finished as AUDUSD Sentiment Widens Again

Christopher Vecchio, CFA, Senior Strategist
Correction_May_Be_Finished_as_AUDUSD_Sentiment_Widens_Again_body_Picture_1.png, Correction May Be Finished as AUDUSD Sentiment Widens Again

AUDUSDThe ratio of long to short positions in the AUDUSD stands at 1.93 as 66% of traders are long. Yesterday the ratio was 2.06; 67% of open positions were long. Long positions are 3.8% lower than yesterday and 6.3% above levels seen last week. Short positions are 2.3% higher than yesterday and 9.8% below levels seen last week. Open interest is 1.8% lower than yesterday and 2.0% below 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 but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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