The AUDUSD pair went back and forth on the session for Wednesday, ultimately settling for a basically unchanged session.

The candle looks a bit like a hammer, and probably means roughly the same thing considering that we could break down after the impulsive move higher.

That tells us that there is truly buying pressure below, but the biggest problem we see is that there is significant resistance all the way up to the 0.95 level.

If we can get above there, this market should in fact head to the parity level, something that we do expect to see happen sooner or later.

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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