AUDUSD moved sideways in a trading range between 0.8540 and 0.8910.

The price action in the range is likely consolidation of the downtrend from 0.9504, as long as 0.8910 resistance holds, the downtrend could be expected to resume, and deeper decline to 0.8000 area is still possible.

Only break above 0.8910 resistance could signal completion of the downtrend.

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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