AUDUSD stays in a trading range between 0.8540 and 0.8910.

As long as 0.8910 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.9504, further decline to 0.8000 area would likely be seen after consolidation.

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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