AUD/USD Bias Mixed after October RBA Meeting
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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
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