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Australian Dollar Eyes Further Losses, Bias Remains Bearish

Australian Dollar Eyes Further Losses, Bias Remains Bearish

Christopher Vecchio, CFA, Senior Strategist
Australian Dollar Eyes Further Losses, Bias Remains Bearish

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

AUDUSD: Retail trader data shows 53.3% of traders are net-long with the ratio of traders long to short at 1.14 to 1. The number of traders net-long is 10.5% higher than yesterday and 18.9% higher from last week, while the number of traders net-short is 6.7% lower than yesterday and 10.2% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUDUSD-bearish contrarian trading bias.

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

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

Follow him on Twitter at @CVecchioFX

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

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