AUDUSD moved sideways in a trading range between 0.8642 and 0.8826.

Resistance is at 0.8826, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend, another fall to 0.8400 area is still possible.

On the upside, a break above 0.8826 resistance will indicate that the downtrend had completed at 0.8642 already, then further rise to 0.8900 - 0.8950 area could be seen.

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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