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AUD/USD struggles to break out above key consolidation pattern

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD made a tentative breakout above a small, inverted head-and-shoulders pattern on Wednesday, but pared most of its gains by the afternoon. During the Asian session early Wednesday, Australia released its Consumer Price Index (CPI) inflation reading that showed a greater-than-expected increase in consumer prices, prompting AUD/USD to rise to a three-week high. After the currency pair’s early Wednesday surge, however, it gave back much of its gains in the afternoon when the US FOMC

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