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Australian Dollar Bias Remains Short After RBA Meeting

Australian Dollar Bias Remains Short After RBA Meeting

Christopher Vecchio, CFA, Senior Strategist
Australian Dollar Bias Remains Short After 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 49.7% of traders are net-long with the ratio of traders short to long at 1.01 to 1. The number of traders net-long is 7.1% higher than yesterday and 21.3% higher from last week, while the number of traders net-short is 0.1% higher than yesterday and 6.3% 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. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current AUDUSD price trend may soon reverse lower despite the fact traders remain net-short.

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

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

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