The AUDUSD pair initially fell on Wednesday but found enough support just above the 0.75 level again to bounce.

Because of this, it’s very likely that we will continue to go higher forward, but we recognize it will be possibly choppy above. Pay attention to gold (GLD, quote) markets, if they rally, it’s very likely that the Australian dollar will do so as well.

We have no interest in selling this market, we believe that there is more than enough support below to keep this market afloat over the longer term, extending all the way down to the 0.74 level below.

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.

Content curiosity of FOREXCycle