The AUDUSD pair tried to rally during the course of the session on Thursday, but we pullback in order to find a shooting star for the daily candle.

With this, we feel that the market will break down eventually, as the 0.73 giving way to selling pressure should send this market looking for the 0.70 level, which of course is a large, round, psychologically significant number.

Any rally at this point in time should be a nice selling opportunity as long as we can stay below the 0.75 handle, which looks very easy at this moment in 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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