AUD/USD Bias May Shift to Bearish Before RBA on Tuesday

AUD/USD Bias May Shift to Bearish Before RBA on Tuesday

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

AUDUSD: Retail trader data shows 47.9% of traders are net-long with the ratio of traders short to long at 1.09 to 1. In fact, traders have remained net-short since Jun 04 when AUDUSD traded near 0.74145; price has moved 5.8% higher since then. The number of traders net-long is 1.2% higher than yesterday and 35.3% higher from last week, while the number of traders net-short is 3.2% lower than yesterday and 28.2% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUDUSD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current AUDUSD price trend may soon reverse lower despite the fact traders remain net-short.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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