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Australian Dollar Gives Mixed Trading Bias

Australian Dollar Gives Mixed Trading Bias

2017-05-16 18:00:00
DailyFX Research,
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Australian Dollar Gives Mixed Trading Bias

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

AUDUSD: Retail trader data shows 57.5% of traders are net-long with the ratio of traders long to short at 1.35 to 1. In fact, traders have remained net-long since May 03 when AUDUSD traded near 0.75395; price has moved 1.4% lower since then. The number of traders net-long is 4.7% higher than yesterday and unchanged from last week, while the number of traders net-short is 2.9% lower than yesterday and 2.9% higher 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 more net-long than yesterday but less net-long 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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