Australian Dollar Likely to Strengthen Further versus US Dollar
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AUDUSD: Retail trader data shows 47.0% of traders are net-long with the ratio of traders short to long at 1.13 to 1. The number of traders net-long is 2.3% lower than yesterday and 3.3% lower from last week, while the number of traders net-short is 4.6% lower than yesterday and 13.7% lower 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. Yet traders are less net-short than yesterday and compared with last week. We nonetheless see reason to believe the AUDUSD will continue higher.
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