AUDUSD continued its sideways movement in a range between 0.8642 and 0.8898.

The sideways movement is likely consolidation of the downtrend from 0.9401, as long as 0.8898 resistance holds, another fall to 0.8400 area is still possible.

Only break above 0.8898 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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