Australian Dollar Expected to Appreciate further versus US Dollar
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AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.54 as 39% of traders are long. Yesterday the ratio was -1.47; 40% of open positions were long. Long positions are 2.9% lower than yesterday and 10.4% below levels seen last week. Short positions are 1.7% higher than yesterday and 7.2% above levels seen last week. Open interest is 0.2% lower than yesterday and 3.2% 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 and last week. The combination of current sentiment and recent changes gives a further bullish trading bias.
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