The AUDUSD pair went back and forth on Wednesday, as we continue to see quite a bit of interest between the 0.74 level on the bottom, and the 0.75 level on the top.

Ultimately though, this is a larger type of range for support, so having said that it’s likely that the market will find buyers in this region.

If gold (GLD, quote)  markets rise, that could be reason enough for the Aussie to go higher as well.

We have no interest in shorting this market, at least not until we get below the 0.75 handle.

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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