The AUD/USD pair fell initially during the course of the session on Wednesday, but turned around to form a nice-looking hammer.

This suggests that there are buyers underneath looking to try to break this market out to the upside and clear the 0.7750 level.

A move above there should send this market looking for the 0.80 handle, which is my longer-term target. Pullbacks continue to offer value, and I believe that the gold markets could be a catalyst for more bullish pressure as well, as they look very healthy.

Ultimately, I don’t have any interest in selling anytime soon.

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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