AUDUSD broke above the upper line of the price channel on 4-hour chart.
Further rise to test 0.9316 key resistance is possible, a break above this level will signal completion of the downtrend from 0.9461, then the following upward movement could bring price to 0.9550 - 0.9600 area. 4
On the downside, as long as 0.9316 resistance holds, the rise from 0.9202 would possibly be consolidation of the downtrend, one more fall to 0.9150 area is still possible after consolidation.
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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