Australian Dollar Downtrend Remains Intact
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AUDUSD - The ratio of long to short positions in the AUDUSD stands at 1.45 as 59% of traders are long. Yesterday the ratio was 1.42; 59% of open positions were long. Long positions are 2.1% lower than yesterday and 4.3% below levels seen last week. Short positions are 4.1% lower than yesterday and 3.9% above levels seen last week. Open interest is 2.9% lower than yesterday and 0.2% below its monthly average.
We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the AUDUSD may continue lower. The trading crowd has grown further net-long from yesterday but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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