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Australian Dollar Bottom May be Forming

Australian Dollar Bottom May be Forming

Christopher Vecchio, CFA, Senior Strategist
Australian Dollar Bottom May be Forming

AUDUSD - The ratio of long to short positions in the AUDUSD stands at 1.65 as 62% of traders are long. Yesterday the ratio was 1.58; 61% of open positions were long. Long positions are 3.7% higher than yesterday and 0.2% below levels seen last week. Short positions are 1.1% lower than yesterday and 34.1% above levels seen last week. Open interest is 1.9% higher than yesterday and 13.5% above 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.

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

Follow him on Twitter at @CVecchioFX

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