AUDUSD broke below the support of the upward price channel on daily chart.

Deeper decline to test 0.7450 key support is possible next week, a breakdown below this level will indicate that the uptrend from 0.6826 had completed at 0.7834 already, then the pair will find support around 0.7100.

On the upside, as long as 0.7450 support holds, the fall from 0.7834 would possibly be consolidation of the uptrend, another rise towards 0.8000 could be expected after consolidation.

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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