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Australian Dollar May Trade to Further Highs

Australian Dollar May Trade to Further Highs

2016-11-03 14:45:00
David Rodriguez, Head of Product
Australian Dollar May Trade to Further Highs

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

AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.18 as 46% of traders are long. Yesterday the ratio was -1.09; 48% of open positions were long. Long positions are 2.1% lower than yesterday and 15.1% below levels seen last week. Short positions are 5.8% higher than yesterday and 6.1% above levels seen last week. Open interest is 2.0% higher than yesterday and 6.2% 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 grown further net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

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

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