Long Positions Leave Mixed Trading Bias on Australian Dollar
AUDUSD: Retail trader data shows 50.7% of traders are net-long with the ratio of traders long to short at 1.03 to 1. The number of traders net-long is unchanged than yesterday and 4.6% lower from last week, while the number of traders net-short is 1.7% lower than yesterday and 1.1% 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. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed AUDUSD trading bias.
--- Written by Dylan Jusino, DailyFX Research