Australian Dollar Bearish on Long Positions
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AUDUSD: Retail trader data shows 59.6% of traders are net-long with the ratio of traders long to short at 1.48 to 1. The number of traders net-long is 1.3% lower than yesterday and 41.5% higher from last week, while the number of traders net-short is 0.8% lower than yesterday and 34.8% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent trading bias.
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