AUDUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 0.9461, the rise from 0.9227 would possibly be consolidation of the downtrend. Further decline is still possible after consolidation, and next target would be at 0.9180 area.

Key resistance is at 0.9316, only break above this level will indicate that the downtrend from 0.9461 had completed at 0.9227 already then the following upward movement could bring price to 0.9550 - 0.9600 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 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.

Content curiosity of FOREXCycle