The AUDUSD pair fell slightly during the course of the day on Wednesday, but at this point in time it looks like we continue to grind higher over the longer term.

Any pullback at this point in time should be supported, and we believe that the absolute floor in the market is near the 0.75 level.

That support level extends all the way down to the 0.74 level, so quite frankly this is a “buy only” market at this point in time and we believe that it is going to reach towards the 0.80 level.

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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