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Australian Dollar May Gain versus US Dollar

Australian Dollar May Gain versus US Dollar

David Rodriguez, Head of Product
Australian Dollar May Gain versus US Dollar

Why and how do we use the SSI in trading? View our video and download the free indicator here

AUDUSDThe ratio of long to short positions in the AUDUSD stands at -1.14 as 47% of traders are long. Yesterday the ratio was -1.12; 47% of open positions were long. Long positions are 2.9% higher than yesterday and 15.8% above levels seen last week. Short positions are 5.1% higher than yesterday and 16.4% below levels seen last week.

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 further net-short from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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

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