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Australian Dollar Forecast Mixed, Next Move is Key

Australian Dollar Forecast Mixed, Next Move is Key

David Rodriguez, Head of Product
Australian Dollar Forecast Mixed, Next Move is Key

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

AUDUSD: Retail trader data shows 32.2% of traders are net-long with the ratio of traders short to long at 2.11 to 1. In fact, traders have remained net-short since Jun 04 when AUDUSD traded near 0.74466; price has moved 6.1% higher since then. The number of traders net-long is 20.1% higher than yesterday and 1.0% lower from last week, while the number of traders net-short is 4.4% higher than yesterday and 2.7% higher 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. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed AUDUSD trading bias.

See next article in this week’s report: S&P 500 - Likely to Continue onto Fresh Record Highs

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

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