The AUDUSD pair fell significantly during the day, testing the 0.75 level.

There is a significant amount of support just below though, so if we do breakdown it’s going to be a difficult market to sell. If we break below the 0.7450 level, I think that the market will then go down to the 0.74 handle.

Any bounce from here could be a selling opportunity at the upside, on signs of exhaustion. If we can break above the top of the shooting star from the Monday session, then it becomes a market that you want to start buying.

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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