The AUDUSD pair initially tried to rally during the course of the session on Thursday, but turn right back around to form a shooting star.

With that being the case, the market looks as if it will pull back next, but it would not surprise us at all to see the buyers return to this market as the 0.75 level below as the beginning of a significant supportive area that extends all the way down to the 0.75 level.

If we break above the top of the shooting star, that’s also a buying opportunity as well.

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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