AUDUSD remains in downtrend from 0.7679.

Further decline could be expected after a minor consolidation and next target would be at 0.7400 area.

Near term resistance is at the descending trend line on 4-hour chart, as long as the pair is below the trend line, the downtrend will continue. Key resistance is at 0.7550, only break above this level 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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