The AUD/USD pair broke higher during the course of the session on Tuesday, testing higher levels as we reach towards the 0.75 level.

The 0.75 level of course should be resistive as it has been before, and as a result we are sellers on resistive candles.

A resistive candle should send this market back down to the 0.7350 region. If we can get below there, this market should continue to go much lower, as we head down to the 0.70 handle.

We are not buyers until we get well above the 0.76 level, something that doesn’t look very likely at the moment.

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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