The AUDUSD pair initially fell during the day but then turned back around as we continue to see the strength in the Australian dollar.

We are approaching the 0.74 level though, and that is an area that could be quite resistive.

With the jobs number coming out today, expect a lot of volatility and if we break down below the bottom of the candle for the Thursday session, we would be sellers.

Given enough time though, we believe that the market will make its intentions known and we can follow either the impulsive move higher, or a break down lower.

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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