The Australian dollar initially bounced against the US dollar during the day on Tuesday, but gave back most the gains in order to form a bit of a shooting star.

This is obviously a very negative sign, and therefore think we are simply trying to build up enough momentum to break down.

I am a seller rallies, and have no interest in going long at this point in time as there is going to be a considerable amount of uncertainty out there, something that doesn’t do much for the value of the Australian dollar going forward.

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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