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  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.05% 🇬🇧GBP: -0.08% 🇳🇿NZD: -0.15% 🇯🇵JPY: -0.18% 🇦🇺AUD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0Rac5Jbkwc
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  • (Market Alert) AUD/USD Sinks as China Suspends Economic Talks with Australia, Will Support Break? $AUDUSD #China #NDRC #Australia #AUD https://www.dailyfx.com/forex/market_alert/2021/05/06/AUDUSD-Sinks-as-China-Suspends-Economic-Talks-with-Australia-Will-Support-Break.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/MkAxeNTjQF
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Australian Dollar Outlook Points to Gains

Australian Dollar Outlook Points to Gains

David Rodriguez, Head of Product
Australian Dollar Outlook Points to Gains

Why and how do we use IG Client Sentiment in trading? See our guide.

AUDUSD: Retail trader data shows 29.8% of traders are net-long with the ratio of traders short to long at 2.36 to 1. In fact, traders have remained net-short since Jan 09 when AUDUSD traded near 0.72343; price has moved 6.4% higher since then. The number of traders net-long is 20.4% higher than yesterday and 27.9% lower from last week, while the number of traders net-short is 8.8% lower than yesterday and 23.1% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUDUSD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed AUDUSD trading bias.

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

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