After touching 0.7912 resistance, AUDUSD pulled back into the trading range between 0.7560 and 0.7912, indicating that the pair remains in downtrend from 0.9504 (Jul 1, 2014 high), and the price action in the trading range could be treated as consolidation of the downtrend.

Key resistance is at 0.8000, as long as this level holds, the downtrend could be expected to continue and next target would be at 0.7000 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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