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Declining Open Interest in AUD/USD as Crowd Prepares for Brexit Vote

Declining Open Interest in AUD/USD as Crowd Prepares for Brexit Vote

Christopher Vecchio, CFA, Senior Strategist
Declining Open Interest in AUD/USD as Crowd Prepares for Brexit Vote

AUDUSD - The ratio of long to short positions in the AUDUSD stands at 1.03 as 51% of traders are long. Yesterday the ratio was 1.12; 53% of open positions were long. Long positions are 3.8% lower than yesterday and 11.5% below levels seen last week. Short positions are 4.8% higher than yesterday and 0.8% above levels seen last week. Open interest is 0.2% higher than yesterday and 14.1% 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 and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

Read more: Crowd Still Net-Short GBP/USD as YouGov Poll Shows Remain at 51%

--- 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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