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  • The Dollar's rebound following the CPI release is re-forming the 'right shoulder' on the $AUDUSD's Head-and-Shoulders pattern that has been developing throughout 2021. Run up started with the Mar 19, 2020 reversal low, so a lot to correct if 0.7550 eventually gives https://t.co/NrAU370cwl
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  • Hey traders! The Top story is US inflation figures. What other data are we banking on? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/ziropKKK2E
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AUD/USD Awaiting Break From Range For A Clearer Directional Bias

AUD/USD Awaiting Break From Range For A Clearer Directional Bias

David de Ferranti, Currency Analyst

Talking Points

  • AUD/USD Technical Strategy: Sidelines Preferred
  • Limited Follow-Through For Candlesticks On The Daily
  • Awaiting Break From 0.8660 to 0.8900 Trading Range

AUD/USD remains trapped within its 0.8660 to 0.8900 trading range with recent candlestick reversal signals finding little follow-through on the daily. A close outside the narrow band would be required to suggest a clearer directional bias.

AUD/USD: Awaiting Break From Range As Wild Swings Continue

AUD/USD Awaiting Break From Range For A Clearer Directional Bias

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Candlestick patterns have helped signal intraday turning points within AUD/USD’s recent range. Yet as prices compress further the most recent formations have seen a lackluster response from traders. This leaves a more constructive setup desired for playing the pair.

AUD/USD: Price Compression Continues

AUD/USD Awaiting Break From Range For A Clearer Directional Bias

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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