The AUDUSD pair went back and forth during the course of the day on Wednesday, essentially settling nothing.

However, it appears that the market is not willing to put a lot of faith into the Australian dollar, as the recent surge after the rate statement really hasn’t produced much in the way of longevity.

We believe that rallies will continue to be selling opportunities in this market, and as a result we remain bearish.

We recognize that the 0.75 level above is a significant ceiling, so we need to get above there before we can even think about 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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