AUDUSD remains in uptrend from 0.6826, the fall from 0.7680 is likely consolidation of the uptrend.

Support is located at the bottom of the price channel on daily chart. As long as the channel support holds, the uptrend could be expected to continue and next target would be at 0.8000 area.

On the downside, a clear break below the channel support will indicate that the uptrend had completed at 0.7680 already, then the pair will find support around 0.7300.

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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