The AUDUSD pair broke higher during the day on Tuesday, as we have cleared the 0.74 level.

At this point in time, it looks as if the market is ready to go much higher and challenge the 0.75 level.

If we get above there, becomes more of a “buy-and-hold” type of situation although there is quite a bit of noise above.

Pullbacks should be well supported, and as a result I have no interest in selling this market until we get below the 0.73 level, which looks very unlikely at this point in time.

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.

Content curiosity of FOREXCycle