AUDUSD broke above 0.8214 resistance, indicating that consolidation of the downtrend from 0.8910 (Oct 29, 2014 high) is underway.

Further rally is still possible, and the target would be at 0.8300 area.

However, as long as 0.8300 resistance holds, the downtrend could be expected to resume, and another fall towards 0.7500 is still possible after consolidation.

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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