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AUD/USD Still Biased Lower as Crowd Retains Longs

AUD/USD Still Biased Lower as Crowd Retains Longs

Christopher Vecchio, CFA, Senior Strategist
AUD/USD Still Biased Lower as Crowd Retains Longs

AUDUSD - The ratio of long to short positions in the AUDUSD stands at 2.51 as 72% of traders are long. 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 further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

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

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

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