Australian Dollar Trading Outlook Mixed until this Changes
Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.
AUDUSD: Retail trader data shows 44.8% of traders are net-long with the ratio of traders short to long at 1.23 to 1. The number of traders net-long is 4.8% lower than yesterday and 12.4% lower from last week, while the number of traders net-short is 14.3% higher than yesterday and 8.5% 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. Traders are further net-short than yesterday and last week. We would nonetheless ideally see a further build towards AUDUSD selling before turning bullish the Australian Dollar.
See next article in this week’s report: S&P 500 - S&P Remains Likely to Hit Further Record Highs
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.