The AUDUSD pair initially fell on Wednesday, but found enough support below to turn things back around to form a hammer for the day.

However, the market is essentially stuck at the moment, so really at this point in time we feel that it is probably best left alone.

We have no interest whatsoever in buying at this point, but we certainly don’t have any interest in selling either. In other words, until this market makes up its mind, we will simply be on the sidelines.

We will observe, and will eventually give our opinion on the next move.

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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