The AUDUSD pair initially fell during the course of the day on Thursday, but turned back around to form a hammer.

Ultimately, I believe that the 0.75 level above is resistive as well, so with all the noise is going to be very difficult to trade the Australian dollar, so I am on the sidelines when it comes to this pair.

At this point, I will wait to see if I get a signal on the longer-term charts in order to make my next trade.

In the meantime, waiting patiently is the only thing that I can do.

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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