The AUDUSD pair originally broke higher during the session on Tuesday, but as you can see the sellers step back in and started pushing the market down at the 0.8250 level.
Ultimately, we ended up forming a shooting star which of course is a negative sign, and that has us thinking that this market is ready to break down.
The 0.82 level below is supportive, but it does look like it’s ready to get broken, and with that we feel that the market goes down to the 0.80 level given enough time. Rallies will continue to be selling opportunities.
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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