AUDUSD remains in downtrend from 0.7610, the rise from 0.7491 is likely consolidation of the downtrend.

Further decline to test 0.7473 support is possible, and a breakdown below this level will signal resumption of the downtrend from 0.7749, then next target would be at 0.7300 area.

Resistance is at 0.7550, only break above this level could trigger another rise towards 0.7650.

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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