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  • USD/CAD has bounced off a key support area on Friday and could potentially charge higher in the coming week as risk-aversion over coronavirus fears has started to dominate market moves. Get your weekly CAD technical forecast from @DColmanFX here: https://t.co/bySyBXTAdr https://t.co/y6UqD0quGN
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Australian Dollar Declines Slow - Downtrend not Over Yet

Australian Dollar Declines Slow - Downtrend not Over Yet

David Rodriguez, Head of Product
Australian Dollar Declines Slow - Downtrend not Over Yet

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 1.49 as 60% of traders are long. Yesterday the ratio was 1.67; 63% of open positions were long. Long positions are 5.4% lower than yesterday and 15.1% below levels seen last week. Short positions are 6.3% higher than yesterday and 18.4% above levels seen last week. Open interest is 1.0% lower than yesterday and 0.8% 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 less net-long from yesterday and 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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