AUDUSD remains in uptrend from 0.8540, the fall from 0.8764 would possibly be consolidation of the uptrend.

Support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.8800 area.

On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 0.8764 already, then the following downward movement could bring price to 0.8400 zone.

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.

Content curiosity of FOREXCycle