AUDUSD is testing the support of the price channel on 4-hour chart.

A clear break below the channel support will indicate that the upward movement from 0.7441 had completed at 0.7674 already, then the following downward movement could bring price back to 0.7500 area.

On the upside, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 0.7750 area.

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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