The AUDUSD pair broke higher during the course of the session on Wednesday, but still remains below the 0.72 level, an area that we see as the “ceiling” in this market.

Ultimately, if we can get a resistive candle here, we are more than willing to start selling as this is a fairly reliable resistance barrier.

We don’t really have any interest in buying the Australian dollar at the moment, because quite frankly the commodity markets and of course Asian headlines are not doing much to boost the Aussie for any real length of time.

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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