The AUDUSD pair tried to rally during the course of the session on Thursday, but as you can see pulled back to form a shooting star.

The shooting star was preceded by a hammer, and we do see a significant amount of support just below as well.

Because of this, the market looks as if it’s a bit confusing this area, but ultimately we do believe that the market should continue to go higher, breaking above the 0.95 level eventually.

Once we get above there, we feel that the market could continue all the way to the parity level.

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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