The Australian dollar initially tried to rally during the Friday session but back and sold off rather significantly.

The shooting star that formed on Wednesday money been your first hint that we were running the trouble but quite frankly I see so much in the way of support below that sooner or later the buyers will step in and support this market.

Keep an eye handle, it has an influence on this market as well, with that being the case I am bullish over the longer-term but recognize that we need to draft a little bit lower in order to find the value necessary to start buying.

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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