AUDUSD continued its sideways movement in a range between 0.9318 and 0.9408.

Key support is at 0.9318, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.9202, another rise to 0.9500 area is still possible after consolidation.

However, a breakdown below 0.9318 support will indicate that the uptrend had completed at 0.9408 already, then the following downward movement could bring price to 0.9000 zone.

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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