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Australian Dollar Bearish as Short Positions Fall

Australian Dollar Bearish as Short Positions Fall

DailyFX Research,
Australian Dollar Bearish as Short Positions Fall

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

AUDUSD: Retail trader data shows 59.3% of traders are net-long with the ratio of traders long to short at 1.46 to 1. In fact, traders have remained net-long since May 03 when AUDUSD traded near 0.74258; price has moved 0.6% lower since then. The number of traders net-long is 2.0% higher than yesterday and 18.1% higher from last week, while the number of traders net-short is 1.5% higher than yesterday and 19.9% 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUDUSD-bearish contrarian trading bias.

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

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