AUDUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 0.8924, the fall from 0.9461 is likely consolidation of the uptrend.
Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 0.9600 is still possible.
Only a clear break below the channel support could signal completion of the uptrend.
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 euro, minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.
Content curiosity of FOREXCycle
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