Australian Dollar Remains a Sell versus US Dollar
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AUDUSD - The ratio of long to short positions in the AUDUSD stands at 2.49 as 71% of traders are long. Yesterday the ratio was 2.36; 70% of open positions were long. Long positions are 0.8% higher than yesterday and 22.6% above levels seen last week. Short positions are 4.6% lower than yesterday and 1.3% below levels seen last week.
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 and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
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