The AUDUSD as you can see fell during the session on Tuesday, only to turn back around and form a hammer.

Because of this, it looks like the market is still trying to build up enough momentum to break out to the upside, and clear the 0.95 handle.

Above there, this becomes a “buy-and-hold” type of market, as we should at that point in time aim for the parity level.

Ultimately, we feel that this market will do that exact move, and as a result we are “buy only” at this point. Selling isn’t even an interest.

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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