AUDUSD Daily Analysis – December 8, 2014

AUDUSD's downward movement from 0.8795 extended to as low as 0.8293.

Australia-Five-Kangaroos-Design-1-Dollar-CoinResistance is located at the trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8200 area.

Only a clear break above the trend line resistance could signal completion of the downtrend.

 

20141208_AUDUSD_1

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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