AUDUSD's fall from 0.8795 extended to as low as 0.8585.
Deeper decline to test 0.8540 would likely be seen, a breakdown below this level will indicate that the longer term downtrend from 0.8910 has resumed, then next target would be at 0.8400 area.
Resistance is at 0.8670, as long as this level holds, the downtrend from 0.8795 will continue.
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
You must be logged in to post a comment.