AUDUSD Daily Analysis – October 20, 2014

AUDUSD stays in the trading range between 0.8642 and 0.8898.

aussien dollarsThe price action in the range is likely consolidation of the downtrend from 0.9401.

As long as 0.8898 resistance holds, the downtrend could be expected to resume, and another fall to 0.8400 area is possible.

 

20141020_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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