AUDUSD Weekly Analysis – March 6, 2016

AUDUSD broke above 0.7439 resistance, indicating that the long term downtrend from 0.9504 (Jul 1, 2014 high) had completed at 0.6826 already.

Aussie dollarsFurther rise could be expected, and next target would be at 0.8000 area.

Support is at 0.7100, only break below this level could bring price back to test 0.6826 key support.

20160306_AUDUSD_1

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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