AUDUSD stayed in the trading range between 0.6907 and 0.7439 for several months.

As long as 0.7439 resistance holds, the price action in the range could be treated as consolidation of the long term downtrend from 0.9504 (Jul 1, 2014 high),

another fall towards 0.6500 is still possible after consolidation.

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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