AUD Futures: Open Interest activity signals more gains ahead

The preliminary for June 14th published by the CME shows, a 100-pip rally in the AUD/USD spot from 0.7726 to 0.7834 was accompanied by fresh buying interest in the AUD futures. 

The Open Interest (OI) in AUD futures rose by 5134 contracts on Friday. This was the fourth straight day of additions to OI. The total OI was 96,680 on Monday, while as of now the total OI stands at 113,744. 

The surge in OI adds credence to the four-day rally in the AUD/USD spot (from 0.76 to 0.7835). It also indicates that the bulls have enough strength to cut through 0.7831 - 23.6% Fib R of 2011 high - 2016 low).