AUDUSD continued its sideways movement in a range between 0.8642 and 0.8910.

As long as 0.8910 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 0.9401 (Sept 5 high), another fall to 0.8400 area is possible after consolidation.

Only break above 0.8910 resistance could signal completion of the downtrend

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.

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