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Australian Dollar Forecast Turns Bearish

Australian Dollar Forecast Turns Bearish

Christopher Vecchio, CFA,

AUDUSD - The ratio of long to short positions in the AUDUSD stands at 1.92 as 66% of traders are long. Yesterday the ratio was 1.69; 63% of open positions were long. Long positions are 5.6% higher than yesterday and 27.2% above levels seen last week. Short positions are 6.9% lower than yesterday and 35.0% below levels seen last week. Open interest is 0.9% higher than yesterday and 8.5% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the AUDUSD may continue lower. The trading crowd has grown further net-long from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

--- Written by Christopher Vecchio, Currency Strategist

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