The AUDUSD pair rose during the course of the session on Wednesday, breaking out to a fresh, new high.

However, we are still fighting more of a grind than anything else.

Ultimately, this is the market to watch as it is avoiding both the European and British currencies, and could give us an idea of what the risk appetite will be around the world.

Also, you have to keep in mind that gold (GLD, quote) is highly influential on what’s going on with the Australian dollar, so we could get a bit of a boost from the gold market showing bullish pressure.

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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