AUDUSD remains in downtrend from 0.7834, the rise from 0.7144 is likely correction of the downtrend.
Range trading between 0.7144 and 0.7550 would likely be seen over the next several weeks.
As long as 0.7550 resistance holds, the downtrend could be expected to resume, and another fall to test 0.6826 previous low support is 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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