After touching 0.9303 resistance, AUDUSD pulled back from 0.9306, suggesting that lengthier sideways movement is underway.

Initial support is at the lower line of the price channel on 4-hour chart, and the key support is at 0.9205, as long as this level holds, the uptrend could be expected to resume, and one more rise to 0.9400 area is still possible.

Only break below 0.9205 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.

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