The AUDUSD pair rose during the course of the day on Wednesday, but still remains just underneath the 0.9350 level.

That level has been the top of the recent consolidation area, and as a result we feel that this market isn’t quite ready to be traded yet.

We see the bottom of the consolidation area as the 0.9250 level, but the real support should be down at the 0.92 handle. Below there, we find even more support near the 0.90 handle.

On the other hand, a move above the 0.9350 level has us aiming for the 0.9450 handle.

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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