AUDUSD stays below the downward trend line on daily chart, and remains in downtrend from 0.8162.

As long as the trend line resistance holds, the bounce from 0.6907 could be treated as consolidation of the downtrend, and further decline towards 0.6500 could be expected.

Only a clear break above the trend line 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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