Tanalys

Australian Dollar More Bullish but Giving Mixed Signal

Australian Dollar More Bullish but Giving Mixed Signal

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AUDUSD: Retail trader data shows 50.8% 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 10.8% higher than yesterday and 5.9% higher from last week, while the number of traders net-short is 10.1% higher than yesterday and 8.6% higher 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.

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