The AUDUSD pair fell during the course of the day on Thursday, as the 0.78 level offered enough resistance to turn the market back around.

Ultimately though, there is quite a bit of support just below so we are simply waiting to see whether or not we get a supportive candle that we can serve buying.

At this point, we will wait until we get a daily candle that suggests that we are going to do that, as we believe that the market is going to continue to go to 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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