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AUD/USD Rate on Track to Negate Head-and-Shoulders Formation
AUD/USD appears to be on track to negate the head-and-shoulders formation from earlier this year as it clears the opening range for April, and the decline from the February high (0.8007) may end up being a correction in the broader trend rather than a change in behavior amid the failed attempt to close below the neckline. AUD/USD trades to a fresh monthly high (0.7785) despite the bearish reaction to Australia’s Employment report, with the exchange rate coming up against the March high (0.7849) as it climbs back above the 50-Day SMA (0.7721). image Looking ahead, it remains to be seen if the minutes from the ... (full story)