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Australian Dollar Forecast Remains Bullish

Australian Dollar Forecast Remains Bullish

David Rodriguez, Head of Product
Australian Dollar Forecast Remains Bullish

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.08 as 48% of traders are long. Yesterday the ratio was -1.14; 47% of open positions were long. Long positions are 5.3% higher than yesterday and 4.5% below levels seen last week. Short positions are 0.1% lower than yesterday and 3.2% below levels seen last week. Open interest is 2.4% higher than yesterday and 6.3% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the AUDUSD may continue higher. The trading crowd has grown less net-short from yesterday but further short since last week. The fact that crowds are net-short gives us a modestly bullish AUDUSD trading bias.

See next currency section:NZDUSD - New Zealand Dollar in Position to Gain

--- Written by David Rodriguez, Quantitative Strategist for 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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