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Australian Dollar Fails to Rally Above Key Resistance

David Rodriguez

DailyFX.com -

Australian Dollar Fails to Rally Above Key Resistance
Australian Dollar Fails to Rally Above Key Resistance

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.03 as 49% of traders are long. Yesterday the ratio was -1.33; 43% of open positions were long. Long positions are 10.4% higher than yesterday and 12.0% above levels seen last week. Short positions are 14.0% lower than yesterday and 3.6% below levels seen last week. Open interest is 3.5% lower than yesterday and 4.1% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the AUDUSD may continue higher. The trading crowd has grown less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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See next currency section:NZDUSD - New Zealand Dollar Stumbles, Forecast Unclear

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via

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original source

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