The AUDUSD pair broke higher during the day on Tuesday, clearing the 0.73 level.

This is a market that seems it’s ready to continue going higher, but we need to break above the 0.74 level before we see any real momentum continue.

A resistive candle in this general vicinity would be a classic sell signal though, so at this point in time we feel that it’s difficult to place a trade quite yet, as we have to see what happens at the aforementioned 0.74 level in order to make a decision on what to do next.

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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