The AUDUSD pair broke higher during the course of the session on Thursday, testing the 61.8% Fibonacci retracement level.

This is a market that still remains underneath the previous uptrend line, and the fact that we did end up testing the Golden mean and failing, we believe that the markets probably can start dropping fairly soon.

On signs of resistance or exhaustive candles, we are more than willing to start selling the Aussie again.

If we did break above the top of the uptrend line, we would be buyers at that point in 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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