AUDUSD continued its sideways movement in a range between 0.6907 and 0.7439. 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 the consolidation.

Only break above 0.7439 resistance will indicate that the long term downtrend had completed at 0.6907 already, then the following upward movement could bring price to 0.9000 area.

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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