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AUD/USD Bias Mixed after October RBA Meeting

AUD/USD Bias Mixed after October RBA Meeting

2017-10-03 15:45:00
Christopher Vecchio, CFA, Senior Strategist
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AUD/USD Bias Mixed after October RBA Meeting

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

AUDUSD: Retail trader data shows 46.6% of traders are net-long with the ratio of traders short to long at 1.15 to 1. The number of traders net-long is 1.1% lower than yesterday and 14.8% higher from last week, while the number of traders net-short is 8.1% higher than yesterday and 15.9% 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. Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed AUDUSD trading bias.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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

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