AUDUSD Daily Analysis – May 12, 2014

AUDUSD remains in uptrend from 0.9202, the fall from 0.9394 is likely consolidation of the uptrend.

Aussie dollarsNear term support is at 0.9315, as long as this level holds, the uptrend could be expected to resume, and next target would be at 0.9500 area.

Key support is at 0.9250, only break below this level could trigger another fall towards 0.9000.

 

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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 dolar with the shares representing a cost-effective investment relative to investing in the FOREX market.

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