AUDUSD remains in downtrend from 0.7834, the price action from 0.7144 could be treated as consolidation of the downtrend.

Range trading between 0.7144 and 0.7550 could be expected over the next several weeks.

As long as 0.7550 resistance holds, the downtrend could be expected to resume, and further decline to test 0.6826 support is still possible.

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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