The AUDUSD pair fell during the course of the session on Wednesday, breaking below the 0.76 level at one point.

This is a market that has plenty of support below though, especially at the 0.75 handle. With that being the case, the market will more than likely form some type of supportive candle that we can trade.

If we break down below the 0.74 level, that would be very negative for us. In the meantime, we are simply waiting for some type of bounce in order to take advantage of the longer-term trend.

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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