AUDUSD's downward movement from 0.9461 extended to as low as 0.9314.

Deeper decline is still possible, and the target would be at 0.9250 area.

Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of 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 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.

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