The AUDUSD pair rose slightly during the session on Friday, testing the 0.9350 level for support.

That being the case, the market looks like it’s ready to bounce from here and head back towards the 0.9450 handle.

Nonetheless, we don’t see a longer-term trade until we get above the 0.95 handle, but in the meantime there could be a nice short-term “smash and grab” type of situation that we can take advantage of off of a fairly obvious support level.

Selling at this point in time really isn’t something we are interested in, and as a result we are “buy only.”

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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