The AUDUSD pair rose during the course of the session on Wednesday, but gave back a little bit of the gains as you can see.

The 0.80 level below is massively supportive though, so therefore we are not ready to sell at this point in time.

After all, that was an area that was a massive resistance barrier years ago, so of course there will be support.

With that, we are bit hesitant to sell, and would anticipate some type of decent bounce.

However, we are on the sidelines right now as the market is a bit confused.

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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