No changed in our view, AUDUSD remains in uptrend from 0.7159.

As long as 0.7493 support holds, the fall from 0.7608 could be treated as consolidation of the uptrend.

Further rise would likely be seen after consolidation and next target would be at 0.7700 area.

Only break below 0.7493 support will indicate that the uptrend had completed at 0.7608 already, then the following downward movement could bring price back to 0.7350 area.

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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