AUDUSD stays in the descending price channel on 4-hours chart and remains in downtrend from 0.7749.

Further decline is still possible after a minor consolidation, and next target would be at 0.7550 area.

Resistance is at 0.7648, only break above this level will indicate that the downtrend had completed at 0.7603 already, then another rise towards 0.7800 could be seen.

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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