The AUDUSD pair tried to rally during the day on Tuesday, but failed to hang onto about half of the gains.

This is a relatively weak looking candle, and with that being the case it looks as if the Australian dollar will perhaps soften a bit here, but ultimately is still very much in an uptrend and there is plenty of support just below.

If gold (GLD, quote) markets can take off to the upside after the FOMC Statement today, that could give us a little bit of a boost in the Aussie dollar 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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