AUD/USD extended the V-shape recovery from 2020 to briefly trade above the 0.8000 handle in February, but a head-and-shoulders formation appears to be taking shape into the first quarter’s end. With the Relative Strength Index (RSI) exhibiting a similar dynamic as the indicator establishes a downward trend during the first quarter of 2021, traders should be mindful. It remains to be seen if the decline from the February high (0.8007) will turn out to be a correction in the broader trend or a key reversal in market behavior. The 50-Week SMA (0.7220) continues to track a positive slope, but a break/close below the ... (full story)