The AUDUSD pair initially fell during the day on Wednesday, and then bounced off of the 0.72 handle.

Because of this, the market looks as if it wants to go higher, but this writing is being done before the FOMC announcement.

Because of this, we can only look at levels that we need to pay attention to, and suggests what we will be doing in reaction.

If we break down below the bottom of the range during the session on Tuesday, we are sellers. On the other hand though, if we break higher, we would be buyers.

We will wait until the daily candle prints in order to make that decision.

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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