AUDUSD Sentiment outlook
The price of AUD trades as a proxy to Chinese growth.
AUD/USD: Retail trader data shows 55.17% of traders are net-long with the ratio of traders long to short at 1.23 to 1. The number of traders net-long is 1.85% lower than yesterday and 7.61% higher from last week, while the number of traders net-short is 3.98% higher than yesterday and 7.91% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall.
Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed AUD/USD trading bias
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