The AUDUSD pair as you can see initially went higher during the course of the session on Thursday,

but we feel that the sellers above of course should continue to punish the Australian dollar as not only the US dollar strengthens overall, but the gold markets asserting to get soft.

With that, we feel that this market will ultimately break down and head to the 0.80 handle given enough time.

However, we also recognize that there is a bit of a “ceiling” in this marketplace at the 0.85 handle. We have no interest in 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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