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Australian Dollar Poised for Further Losses

Australian Dollar Poised for Further Losses

David Rodriguez, Head of Product
Australian Dollar Poised for Further Losses

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AUDUSD The ratio of long to short positions in the AUDUSD stands at 1.69 as 63% of traders are long. Yesterday the ratio was 1.45; 59% of open positions were long. Long positions are 15.6% higher than yesterday and 5.4% below levels seen last week. Short positions are 0.5% lower than yesterday and 30.6% above levels seen last week. Open interest is 9.1% higher than yesterday and 29.3% 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 further net-long from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

See next currency section:NZDUSD - New Zealand Dollar Forecast to Fall Further

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Australian Dollar Poised for Further Losses

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

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