The AUDUSD pair rose slightly during the day on Thursday, as we continue to see bullish pressure.

However, the 0.77 level above continues offer resistance, so we need a break above there before we can start buying again.

I believe the pullbacks offer support, and that the 0.75 level below there should be essentially a “floor” in this market.

The Australian dollar continues to follow gold (GLD, quote), which of course looks very bullish at this point in time. With this, I think a break out is coming, it’s just a matter of time before we see it.

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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