AUDUSD is in consolidation of the downtrend from 0.7731.

Range trading between 0.7441 and 0.7567 would likely be seen over the next several days.

Resistance is now at 0.7567, as long as this level holds, the downtrend could be expected to resume after consolidation, and further decline to 0.7200 area is still possible.

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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