AUDUSD continued its downward movement from 0.9401 and the fall extended to as low as 0.8938. Further decline could be expected and next target would be at 0.8700 area.

Near term resistance is at the downward trend line on 4-hour chart, and the key resistance is at 0.9112, 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.

Content curiosity of FOREXCycle