The AUDUSD pair tried to break out to the upside on Friday, but then turned back around at roughly 0.79 to form a bit of a shooting star.

That being the case it looks like we’re ready to drift lower from here and perhaps head back down to the 0.76 handle where we had found a bit of a bottom previously.

We also believe that the market may then head down to the 0.75 handle, an area that is a much larger round number.

Is not until we break well above the 0.80 handle that we would even consider this market changing.

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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