The AUDUSD pair went back and forth during the day on Tuesday but turned back around to form a bit of a shooting star.
T
he shooting star is right at the previous uptrend line that should now be resistance, an area that I suggest yesterday needed to be broken above in order for the buyers to take control.
A pullback at this point in time it’s a lot of sense we can break down below the bottom of the range for the day on Tuesday, we are sellers.
We think this is a short-term selling opportunity though, because there is more than enough support below to continue to cause volatility.
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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