The AUDUSD pair fell during the day on Wednesday, testing the 0.7350 level again.

The markets are most certainly negative at the moment, and therefore we look at this market as one that offers plenty of selling opportunities on short-term charts.

We believe that short-term rallies that show signs of trouble are going to be opportunities to go short yet again.

In fact, we have no interest whatsoever in buying this pair until we get well above the 0.76 level, and currently believe that the market is heading to the 0.70 handle given enough time.

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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