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Retail Crowd Now Net-Short Despite Australian Dollar Rally versus US Dollar

Retail Crowd Now Net-Short Despite Australian Dollar Rally versus US Dollar

Christopher Vecchio, CFA, Senior Strategist
Retail Crowd Now Net-Short Despite Australian Dollar Rally versus US Dollar

AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.04 as 49% of traders are long. Yesterday the ratio was 1.03; 51% of open positions were long. Long positions are 8.1% lower than yesterday and 18.5% below levels seen last week. Short positions are 1.8% lower than yesterday and 16.3% above levels seen last week. Open interest is 5.0% lower than yesterday and 17.2% 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 flipped from net-long to net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

Read more: Brexit Referendum Timeline: When Will Districts Report Results?

--- 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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