The AUDUSD pair broke out to the upside during the course the day on Tuesday, forming a very strong candle as we crashed into the 0.7650 level.

Because of this, if we continue to go higher and break above the top of the candle for the Tuesday session, I believe that we will continue to see bullish pressure.

Pullbacks at this point in time should have plenty of support all the way down to at least the 0.75 level, so having said that, I believe that pullbacks to show support are buying opportunities as well.

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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