The AUDUSD pair broke higher during the course of the day on Tuesday, but still has plenty of noise just above, not to mention the fact that we have a ceiling at the 0.75 level at the moment.

We have no interest in buying this pair, and we believe that it’s only a matter of time before resistive candle presents itself that we could start selling again.

With this, we remain bearish but we are being patient enough to find selling pressure that we can take advantage of and push this market even lower.

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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