The AUDUSD pair initially fell during the day on Tuesday but found enough support just above the 0.75 level to turn things around and form a slightly positive candle.

We believe in the longer-term uptrend anyway, and recognize that the gold markets get a bit of strength in them we could very well see this market go higher as well. Because of this, we are cautiously optimistic but need to see a little bit more of a supportive candle in order to get involved at this point. We believe that the absolute “floor” in this market is somewhere near the 0.74 level.

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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