The AUDUSD pair initially tried to rally during the course of the session on Tuesday, but fell back down to break below the 0.73 handle.

With this, the market looks as if it is ready to test the lows again, but since we are so close to the most recent low, we are not willing to trade this market quite yet.

We need to see this market break down below the 0.72 level to start selling comfortably, or a rally that shows lack of resilience.

Either way, we are not buying the Aussie dollar.

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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