AUDUSD broke above 0.7514 resistance, indicating that the downward movement from 0.7679 had completed at 0.7473 already.

Further rise could be expected and next target would be at 0.7570, followed by 0.7600.

Support levels are at 0.7500 and 0.7473, only break below these levels could bring price back to the downtrend.

Editor’s Note: Equity investors/traders can use the Currency Shares Australian Dollar Trust (FXA, quote) ETF to take positions in the Aussie dollar without a FOREX account.  The ETF looks to track the price of the Aussie dollar (AUDUSD), minus ETF fee. The fund seeks to reflect the price of the Aussie dollar (AUDUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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