The AUDUSD pair broke higher during the course of the session on Wednesday, bouncing off of extreme lows near the 0.7250 level.

However, we have plenty of resistance above and as a result we feel it’s only a matter of time before we get a resistive candle that we can search selling.

The 0.75 level above is massively resistive, and as a result we have no interest in buying at this point.

If you keep in mind that the gold market is getting a little bit of a relief rally, so this can be a bit of a reaction to that.

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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