Australian Dollar Declines Slow - Downtrend not Over Yet
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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.
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