AUDUSD remains in downtrend from 0.9461, the rise from 0.9202 is likely consolidation of the downtrend. Key resistance is at 0.9316, as long as this level holds, the downtrend could be expected to resume, and next target would be at 0.9150 area.

Only break above 0.9316 resistance will indicate that the downtrend had completed at 0.9202 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.

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