During the session today, we will be hearing from the Reserve Bank of Australia.

They are expected to do very little as far as the rates are concerned, but the statement will of course be important.

Any rally at this point in time though, we look at as a selling opportunity once things calmed down. The 0.70 level should be resistance, and we believe that it’s only a matter of time before this market drops down to the 0.70 level.

Gold markets certainly are not helping the Australian dollar, so therefore we expect this market to continue to go lower.

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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