The AUDUSD pair fell during the course of the day on Friday, as we continue to see this market soften.

However, there is quite a bit of support just below as there is quite a bit of bearish pressure on the Aussie at the moment.

The US dollar is starting to strengthen, but given enough time it looks as if the gold (GLD, quote) markets could turn around, and if they do the Australian dollar may get a little bit of a left. I believe that this is a very volatile market, so having said that it’s difficult to trade.

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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