AUDUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.9401, the rise from 0.8831 is likely consolidation of the downtrend.
As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8700 area.
Key resistance is at 0.8930, only break above this level 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.
Content curiosity of FOREXCycle
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